Aim: The present study was undertaken with the aim to evaluate the association between serum lipid profile and hypothyroidism in patients with type 2 diabetes mellitus (T2DM). Methodology: This cross–sectional study was conducted on 50 T2DM patients with hypothyroidism (Group I) and 50 T2DM patients without hypothyroidism (Group II) meeting inclusion and exclusion criteria. Results: There was a significant increase in serum lipid levels namely triglycerides (TG), total cholesterol (TC), low–density lipoprotein (LDL), very–low density lipoprotein (VLDL) and glycated hemoglobin (HbA1c) and significant decrease in serum high–density lipoprotein (HDL) levels in Group I (T2DM with hypothyroidism) as compared to Group II (T2DM without hypothyroidism). Conclusion: There is marked derangement in lipid profile parameters in patients suffering from both diabetes and hypothyroidism.