We conducted a cross‐sectional analysis using a database from commercial health plans in the United States to describe trends in the use of antidiabetic medications among patients with type 2 diabetes and heart failure (HF) from 2006 through 2017. We used loop diuretic dose as a surrogate for HF severity (mild HF 0‐40 mg/day, moderate‐severe HF >40 mg/day). We assessed antidiabetic medication dispensing in the 90 days following HF diagnosis. Over the 12‐year period, we identified an increase in the use of metformin (39.2% vs. 62.6%), dipeptidyl peptidase‐4 inhibitors (DPP‐4i) (0.5% vs. 17.1%) and sodium‐glucose co‐transporter‐2 inhibitors (SGLT‐2i) (0.0% vs. 9.0%), but a decrease in the use of sulphonylureas (47.8% vs. 27.8%) and thiazolidinediones (TZDs) (31.7% vs. 5.3%). In 2017, patients with moderate‐severe HF more commonly used insulin (43.1%); a majority of mild HF patients used metformin (62.8%). A proportion of patients with moderate‐severe HF used TZDs (4.4%). Among patients with diabetes and HF, the use of metformin and DPP‐4i rapidly increased, but a proportion of patients with moderate‐severe HF continued to use TZDs. Despite their promising cardiovascular safety profile, SGLT‐2i use remains limited.