Epidemiological studies have clearly indicated diabetes as a risk factor for cancer initiation and progression. Both diabetes and cancer are influenced by multiple factors of known and unknown origin. The magnitude to which these diseases impact the health and economy of the population is colossal. In this review, we will focus on the link between diabetes (Type 2 Diabetes Mellitus) and cancers of varying origins. A number of meta-analyses with and without adjusting confounding factors have been performed implying that diabetes could probably be one of the unregulated perils giving rise to cancer directly, or indirectly promoting pre-existing tumorigenesis. At the molecular level, signaling pathways regulated by insulin and its analogs are considered to be the basis for abnormal cellular proliferation and inhibition of apoptosis. Controlling diabetes and diabetic-induced complications, and therapeutic intervention that can reduce the risk of cancer initiation might aid in protecting the diabetic population from developing cancer.