The present paper examined the associations of leptin and soluble leptin receptors (sOB-Rs) with the risk of type 2 diabetes in U.S. women. The nested case-control study including 1,054 case subjects with type 2 diabetes matched with 1,254 control subjects was derived from the Nurses’ Health Study participants. The analysis revealed that high sOB-R levels were strongly associated with a lower risk of type 2 diabetes independent of baseline leptin or adiposity levels. However, the association between leptin and type 2 diabetes was modulated by body mass index. Moreover, a significant positive correlation between sOB-R levels and high molecular weight adiponectin was observed in the current study. Further studies are necessary to elucidate the biological mechanisms underlying these findings.