The incidence of diabetes mellitus is growing rapidly, with an increasing disease related morbidity and mortality. This is caused by macro- and microvascular complications, as a consequence of the often late diagnosis of type 2 diabetes (T2D), but especially by the difficulties to control glucose homeostasis due to the progressive nature of the disease. T2D is moreover a dual disease, with components of beta-cell failure and components of insulin resistance in peripheral organs, such as liver, fat, and muscle. Understanding the pathogenesis of the disease by gaining insight into the molecular pathways involved in both phenomena is one of the major assets of proteomic approaches. Moreover, proteomics and peptidomics may provide us with robust biomarkers for beta-cell failure, insulin resistance in pheripheral organs, but also for the development of diabetic complications. This review focuses on the knowledge gained by use of proteomic and peptidomic techniques in the study of the pathophysiology of T2D and in the attempts to discover new therapeutic targets.