Background:We investigated whether antiplatelet/anticoagulant (APAC) therapy can protect patients with type 2 diabetes mellitus (T2DM) from the development or progression of diabetic retinopathy (DR).Methods:This is a prospective cohort study using Longitudinal Health Insurance Database in Taiwan. A total of 73964 type 2 diabetic patients ≥ 20 years old were included. The cumulative incidence of nonproliferative DR (NPDR) was estimated and plotted for APAC users and nonusers using Kaplan–Meier curves, and the difference was assessed using the log-rank test. Incidence of NPDR, proliferative diabetic retinopathy (PDR), and diabetic macular edema (DME) were calculated by dividing the number of NPDR, PDR, and DME events by the total person-years for each group. A Cox proportional hazards model was used to assess the effect as hazard ratios (HRs) and corresponding 95% confidence intervals (CIs), with APAC use considered as a time-dependent covariate. Factors significant in the univariate model were adjusted in a multivariable model, namely, age; sex; comorbidities of hypertension, dyslipidemia, diabetic nephropathy, diabetic neuropathy, heart disease, cardiovascular disease, and peripheral arteriolar disease; and medications such as statins and fibrates. Results:Compared with nonusers, APAC users also had a lower cumulative incidence of NPDR (P < 0.001), overall incidence of NPDR (10.7 per 1000 person-years), and risk of developing NPDR (adjusted HR = 0.78, 95% CI = 0.73–0.83). However, no significant differences were observed between APAC users and nonusers in the risks of PDR or DME.Conclusion:APAC medicationshave a protective effect against NPDR but not against PDR or DME.