Diabetes Mellitus, a chronic metabolic disease caused by defective insulin secretion by pancreatic β-cells or the inability of insulin-sensitive tissues to respond to insulin, is on the rise globally, particularly in low-middle income countries, leading to complications. Chronic hyperglycemia in DM is associated with organ and tissue damage, malfunction, and failure, as well as the development of microvascular (retinopathy, nephropathy, and neuropathy) and macrovascular (cardiovascular diseases) problems. As a result, this review x-rays the risk factors, aetiology, epidemiology, associated complications with key emphasis on the underlying mechanisms and pathophysiology, current laboratory diagnosis using conventional and novel biomarkers, as well as current trends in the management of type 2 diabetes mellitus (T2DM), highlighting the need for a combined approach in management viz-a-viz lifestyle management along with pharmacological approaches as crucial to achieving success.