Background Thyroid dysfunction is suggested to be associated with diabetes, but it is not clear if the thyroid hormone levels are associated with diabetes in euthyroid adults. Objective To investigate the association between thyroid hormone levels and diabetes in euthyroid adults. Methods Among the euthyroid adults who underwent health examination in West China Hospital, Sichuan University in 2016, patients with diabetes were identified according to the medical history, fasting blood glucose and HbA1c. Age and sex matched controls were identified from the population. The patients with diabetes group was further divided into two subgroups: patients with newly diagnosed diabetes (NDD) and with previously diagnosed diabetes (PDD). Independent t-test and multivariate logistic regression models were used to investigate the difference on the levels of thyroid stimulating hormone (TSH), free thyroxine (FT4), free triiodothyronine (FT3) and the ratio of FT4/FT3 between groups. Results We included 32,557 participants, 2,271 with diabetes and 1,187 NDD. Compared to the patients without diabetes, the odds ratios (ORs) per one unit of TSH, FT4, FT4/FT3 ratio and FT3 in patients with diabetes were 0.88 [95% confidence interval (CI): 0.82-0.95], 1.11 (95% CI: 1.08-1.14), 2.05 (95%CI: 1.81-2.32) and 0.85 (95%CI: 0.78-0.93), respectively. Compared to NDD group, the ORs per one unit of TSH, FT4, FT4/FT3 ratio and FT3 of the PDD group were 0.81 (95%CI: 0.71-0.92), 1.08 (95%CI: 1.04-1.12), 1.76 (95%CI: 1.49-2.08) and 1.01 (95%CI: 0.92-1.12), respectively. Conclusion In euthyroid adults, diabetes and its duration were significantly associated with thyroid hormone turnover. Patients with a previously diagnosed diabetes may be more likely to present elevated FT4/FT3 ratio, indicating an adaptive change of thyroid gland.