Background: Diabetic foot ulcer (DFU) is a serious complication of type 2 diabetes mellitus (T2DM). Electrolyte imbalances, particularly hypomagnesemia and hypophosphatemia, may impact insulin sensitivity and wound healing. Aim: To compare serum magnesium and phosphate levels in T2DM patients with and without DFU, and to evaluate their relationship with glycemic control and ulcer severity. Methods: A hospital-based observational study was conducted in Meerut, India (Sept 2023–Mar 2025). Ninety T2DM patients (45 with DFU and 45 without) were enrolled. Serum magnesium, phosphate, fasting blood glucose, and HbA1c were measured; ulcer severity was graded. Statistical analysis was performed using SYSTAT 13.2; p< 0.05 was deemed significant. Results: Mean age was 56.3 years; male predominance was noted in DFU group (64.4%). Hypomagnesemia was significantly more common in DFU cases (64.4%) compared to controls (13.3%) (p< 0.001). Hypophosphatemia was present in 53.3% of DFU cases versus 4.4% of controls (p< 0.001). Mean HbA1c was higher in DFU group (9.17 ± 2.7) than controls (7.3 ± 2.1). Conclusion: Hypomagnesemia and hypophosphatemia are significantly associated with DFU in T2DM. Monitoring and correcting these deficiencies may aid in prevention and management of DFU.