Diabetes is now a major health issue worldwide, affecting millions of people. Diabetes negatively impacts the quality of life and productivity of subjects in both direct and indirect ways. A range of abnormalities are associated with diabetes. One of such abnormalities is alterations in lipid metabolism, resulting in the production of atherogenic lipoprotein profile. Subjects with long-term diabetes usually develop a state of dyslipidemia known as “diabetic dyslipidemia.” These subjects usually have higher serum triacylglycerol levels with increased levels of small dense low-density lipoprotein as well as lower levels of high-density lipoprotein cholesterol. Many strategies have been suggested for the management of diabetes and associated dyslipidemia. Among them, changes in dietary habits and lifestyle modification are included in the first line of management strategies. Many such patients may require lipid-lowering drugs. In this regard, several countries have developed guidelines for the management of “diabetic dyslipidemia.” In this article features of “diabetic dyslipidemia” as well as its management strategies have been summarized.