Abstract Introduction T2DM is a chronic disease that affects millions of people worldwide. In older adults, T2DM may be associated with an increased risk of two serious conditions: cognitive impairment and depression. Objective The aim of this research was to assess the mental health of older adults with type 2 diabetes mellitus (T2DM) in Mérida, Venezuela. Methodology A cross-sectional study was conducted with 100 older adults with T2DM and 100 older adults without T2DM. Two assessment instruments were used: the Mini Mental State Examination (MMSE) to assess cognitive function and the Geriatric Depression Scale (GDS) to assess depression. Results The results showed that older adults with T2DM had a higher risk of cognitive impairment and depression than older adults without T2DM. In particular, 25% of older adults with T2DM were cognitively impaired, compared to 5% of older adults without T2DM. In addition, 20% of older adults with T2DM had depression, compared to 10% of older adults without T2DM. Conclusions The results of this study suggest that older adults with T2DM are at increased risk of cognitive impairment and depression. It is important for health professionals to be aware of these risks and provide interventions to prevent or treat them.