Introduction: Nitric oxide (NO), hydrogen sulfide (H2S), and carbon monoxide (CO) are classic gasotransmitters. Oxygen (O2) is also sometimes classified as a gasotransmitter. Gasotransmitters are involved in the pathophysiology of type 2 diabetes (T2D). They are also potential target molecules for the management of T2D, which is a highly prevalent endocrine disorder affecting about 10% of the world population. This study aims to provide a state-of-the-art on the role of NO in the pathophysiology of T2D and to discuss potential therapeutic applications of NO donors in T2D. Search Methods: Related articles published during the last four decades were retrieved from PubMed, Scopus, and Google Scholar to provide a whole picture of the therapeutic value of NO in T2D. Results: NO plays a role in insulin secretion and glucose tolerance, making the core pathophysiology of T2D. Decreased endothelial NO synthase (eNOS)-derived NO production and increased inducible NOS (iNOS)-derived NO production can cause insulin resistance and T2D. NO production from the nitrate-nitrite-NO pathway is also impaired in T2D, mainly due to oral dysbiosis and decreased nitrate reductase activity. In addition, hyperglycemia and impaired insulin signaling cause impaired NO metabolism, indicating a bilateral relation between the NO system and T2D. NO donors are promising therapeutic agents for managing insulin resistance and T2D. NO donors increase blood flow in pancreatic islets and skeletal muscle, stimulate translocation of glucose transporter 4 from cytosol to plasma membrane, decrease white adipocyte size, induce browning of white adipocytes, and increase insulin exocytosis from pancreatic islets. All of these effects are beneficial for managing T2D. Conclusion: NO is a target molecule for managing T2D, and NO donors have antidiabetic effects; however, translation from bench to bedside needs further work.