Metabolomics is a “omic” science with a focus on the characterization of metabolome, that is the pool of low molecular weight (< 1.5 kDa) metabolites involved in the metabolism of a biological system. When the targets are lipids, metabolomics is commonly referred to as lipidomics. Since the metabolome composition is influenced by several factors such as environment, disease, drugs, and genetics, metabolomics is extensively used in the biomedical research for the identification of metabolic signatures or novel biomarkers useful in diagnosis, prediction, prognosis, and prevention of disease. In recent years, both metabolomics and lipidomics have been extensively employed in diabetes research to elucidate the molecular mechanisms triggering this disease and to discover biomarkers for its prevention, diagnosis, and treatment. In this review, some of the most significant findings relative to studies performed on type 1 diabetes patients are summarized to provide an overview of the potential of these approaches.