Heart failure (HF) and type 2 diabetes mellitus (T2DM) are progressive chronic diseases that increase the risk of mortality and have worse outcomes when they coexist. There has been a paucity of data on effective therapeutic measures that reduce the risk of HF in patients with T2DM. However, the issuance of the Food and Drug Administration guidance in 2008 generated data on several antihyperglycemic agents that show cardiovascular (CV) benefits beyond glucose lowering. Among them, sodium-glucose co-transporter 2 (SGLT2) inhibitors have emerged as a class of drug with proven robust benefits in modulating HF and kidney diseases in patients with T2DM. In this article, we reviewed the epidemiology, pathophysiology, prognosis, lifestyle management, and therapeutic options, especially SGLT2 inhibitors, for HF and T2DM.