In the past few years the classical concept of the renin–angiotensin system (RAS) has experienced substantial conceptual changes. The identification of the renin/prorenin receptor, the angiotensin converting enzyme homologue ACE2 as an angiotensin peptide processing enzyme, Mas as a receptor for Ang-(1–7) and the possibility of signaling through ACE, have contributed to switch our understanding of the RAS from the classical limited proteolysis linear cascade to a cascade with multiple mediators, multiple receptors, and multi functional enzymes. In this review we will focus on the recent findings related to RAS and, in particular, on its role in diabetes by discussing possible interactions between RAS mediators, endothelium function, and insulin signaling transduction pathways as well as the putative role of ACE2-Ang-(1–7)-Mas axis in disease pathogenesis.