Background: Association of adiponectin with insulin resistance occurs early in obesity development; however it remains unclear if this association is of further importance in prediabetes and early stages of type 2 diabetes and remains the same through all glucose intolerance development stages. The present study was undertaken to evaluate the association of dysglycemia and dyslipidemia with adiponectin in prediabetic subjects as well as in T2DM subjects. Objective: The objective of our study was to evaluate adiponectin level in subjects with pre-diabetes and to compare it with the levels in newly diagnosed type 2 diabetes and healthy (normal glucose tolerance) subjects. Method: It was an observational analytic study with a group compare design. The study was conducted in the Biomedical Research Group and Department of Biochemistry & Cell Biology of the Bangladesh Institute of Research and Rehabilitation in Diabetes, Endocrine and Metabolic Disorders (BIRDEM), Dhaka. This study was done during the period of July 2012 to June 2013. Results: Bivariate Spearman’s correlation analyses were performed for adiponectin with clinical, anthropometrical and other biochemical variables in the Control, IGT and T2DM groups. Postprandial glucose (p=0.023) and age (p=0.011) had a positive correlation with adiponectin in control subjects. A negative correlation was observed between adiponectin and BMI in IGT subjects (p=0.004). A positive correlation with adiponectin and serum HDL (p=0.03) and a negative correlation with serum LDL (p=0.03) were found in T2DM subjects. Conclusion: From our study we can conclude that, BMI has a negative association with adiponectin in IGT subjects. Serum LDL has a negative association and HDL has a positive association with adiponectin in IGT and T2DM subjects.