The effects of dyslipidemia on the risk of type 2 diabetes (T2D) and related traits are not clear. We used regression models and 140 lipid-associated genetic variants to estimate associations between circulating HDL cholesterol (HDL-C), LDL cholesterol (LDL-C), and triglycerides and T2D and related traits. Each genetic test was corrected for effects of variants on the other two lipid types and surrogates of adiposity. We used the largest data sets available: 34,840 T2D case and 114,981 control subjects from the DIAGRAM (DIAbetes Genetics Replication And Meta-analysis) consortium and up to 133,010 individuals without diabetes for insulin secretion and sensitivity from the MAGIC (Meta-Analyses of Glucose and Insulin-related traits Consortium) and GENESIS (GENEticS of Insulin Sensitivity) studies. Eight of 21 associations between groups of variants and diabetes traits were significant at the nominal level, including those between genetically determined lower HDL-C (b = 20.12, P = 0.03) and T2D and genetically determined lower LDL-C (b = 20.21, P = 5 3 10 26 ) and T2D. Although some of these may represent causal associations, we discuss why caution must be used when using Mendelian randomization in the context of circulating lipid levels and diabetes traits. In conclusion, we found evidence of links between genetic variants associated with lipids and T2D, but deeper knowledge of the underlying genetic mechanisms of specific lipid variants is needed before drawing definite conclusions about causality based on Mendelian randomization methodology.Type 2 diabetes is associated with dyslipidemia (i.e., higher circulating concentrations of triglycerides and small, dense LDL cholesterol [LDL-C] and lower concentrations of HDL cholesterol [HDL-C]), but the causal relationship between dyslipidemia and type 2 diabetes has been difficult to disentangle (1). Most evidence suggests that altered lipid concentrations are secondary to insulin resistance (2) or other factors associated with both lipids and diabetes (e.g., adiposity), but some studies suggest that dyslipidemia could contribute to the pathogenesis of type 2 diabetes (3) through mechanisms related to impaired protection of b-cells or endoplasmic reticulum stress (4). Other studies of carriers of loss-of-function mutations in the ABCA1 gene have demonstrated that altered cholesterol concentrations could affect insulin secretion in humans, although with conflicting results (5,6).The relationship between lipid levels and diabetes is further complicated by the apparently causal link between statin therapy and increased risk of type 2 diabetes. A meta-analysis of randomized controlled trials and Mendelian randomization analysis (7) showed that statin treatment results in a slightly increased risk of diabetes. The Mendelian randomization study showed that a common allele in the 3-hydroxy-3-methylglutaryl-CoA reductase (HMGCR) gene (encoding the target of statins) associated with lower LDL-C was also associated with a higher risk of diabetes and that this risk is potentially ...