The peroxisome proliferator activated receptors (PPARs) are a group of ligand-activated transcription factors that govern numerous biological processes, including energy metabolism, cell proliferation, and inflammation. Three different PPAR isotypes can be distinguished: alpha, beta and gamma. PPARα is mainly present in liver where it has an important role in the regulation of nutrient metabolism, including fatty acid oxidation, gluconeogenesis, and amino acid metabolism. It mediates the effects of fibrates, which are drugs used in the treatment of hyperlipidemia, on DNA transcription. Little is still known about PPARβ. The PPARγ isotype is mainly expressed in adipose tissue where it stimulates adipogenesis and lipogenesis. It is the target of a group of anti-diabetic drugs called thiazolidinediones. As PPARs have a very important role in the regulation of energy metabolism, and as their activity can be modulated by drugs, there is an increasing interest in the potential connection between PPARs and obesity. In this article, the diverse pieces of evidence that have linked PPARs with obesity are reviewed. Furthermore, the association between PPARs and type 2 diabetes is discussed.