Previous studies exploring the relationship between dietary potassium and magnesium intake and the risk of type 2 diabetes mellitus (T2DM) have yielded inconsistent results.ObjectiveThe present study was designed to compare the effect of magnesium, potassium and both (potassium and magnesium combined) on cholesterol levels and quality of life (QoL) among patients with T2DM.MethodsA randomised controlled trial (single blinded) was conducted at The University of Lahore and Lahore Medical Research Center (LMRC). The sample size was 290 patients with T2DM, who were divided into four groups: Group I (T1) that received control/placebo; Group II (T2) and Group III (T3) received magnesium and potassium supplements, respectively; and Group IV (T4) received both magnesium and potassium supplements. Blood samples were taken from all patients before and after 60 days of supplementation to determine the levels of K+, Mg2+ and cholesterol using a chemistry analyzer (photometer 5010 v5+).ResultsThere was a decrease in mean cholesterol levels in all groups after the treatment, with the largest reduction (224.9 ± 61.92 to 163.4 ± 48.38) seen in the T3 group, that received potassium supplements. A significant increase in the social QoL, indicated by a p value change from 0.06 before medical intervention to 0.000 after medical intervention, was observed. p value was significant (<0.05) between pre‐ and post‐QoL within the T2 (Mg) and T3 (K) treatment groups.ConclusionsThe overall decrease in cholesterol levels and improvement in the social QoL after treatment imply that magnesium‐ and potassium‐based formulations prove beneficial in combating hyperlipidaemia in patients with T2DM.Trial Registration: NCT04642313