With the alarming increase in the incidence of diabetes mellitus worldwide, there is a growing need to develop new strategies to control hyperglycemia. Currently available treatments cause various adverse effects and do not necessarily achieve optimal glycemic control. Recently, peptides that may ameliorate the symptoms of diabetes mellitus have been investigated extensively and show great promise. Synthetic analogs of amylin and incretin mimetics may be ideal adjuncts to diabetes therapy. Amylin analogs significantly improve postprandial control in patients with either type 1 or type 2 diabetes without an increased risk of hypoglycemia or weight gain. Incretin mimetics are a new option for patients suffering from type 2 diabetes and are being considered as a stand-alone therapy. The present paper reviews novel peptides as potential agents for glucose control and prevention of the complications associated with diabetes.