Current treatment guidelines highlight the increased cardiovascular risk associated with type 2 diabetes and identify the need for intensive risk factor management. Dyslipidaemia characterised by elevated serum triglycerides, low levels of high-density lipoprotein cholesterol (HDL-C) and an increase in small, dense low-density lipoprotein cholesterol (LDL-C) particles (the lipid triad), is one of the most important modifiable cardiovascular risk factors in patients with type 2 diabetes. Statins, which are effective in reducing LDL-C, are currently considered the foundation of lipid-lowering treatment in type 2 diabetes, in addition to lifestyle modification. Increasingly, guidelines also identify low HDL-C as an important secondary priority for treatment. Of the available treatment options, both fibrates and nicotinic acid are effective in treating dyslipidaemia associated with type 2 diabetes, although the latter has greater potency in raising HDL-C. Based on its profile of activity, addition of nicotinic acid to primary statin therapy would be a logical strategy in the treatment of diabetic dyslipidaemia. Outcome data from large prospective studies are awaited to confirm the potential morbidity and mortality benefits of this approach.