Type 2 diabetes mellitus (T2DM) is a metabolic disorder of the endocrine system and its prevalence has increased at an accentuating rate in the past years. Its growing prevalence is a matter of concern as it is one of the major contributing factors for the mortality and morbidity due to cardiovascular diseases and related ailments. Current treatments involve the use of sulfonylureas, metformin, d-phenylalanine analogs, thiazolidinediones, α-glucosidase inhibitors, GLP-1 agonists, DPP-4 inhibitors and SGLT-2 inhibitors as mono or combination therapy. However, the current treatments are accompanied with undesirable side effects that could be reduced through novel advancements. Moreover, not only the prevalence but the factors that trigger the development of T2DM are also increasing which brings about the need to develop new drugs in order to treat the same. In this review, authors have discussed some recent novel advancements in the current treatment, novel drugs that are at different stages of discovery and development for the treatment of T2DM and novel targets aiming which we could develop new drugs with enhanced therapeutic efficacy and reduced side effects. Additionally, the authors have attempted to discuss the other novel therapeutic uses of the currently available drugs.