Objective To investigate the efficacy and safety of insulin degludec and liraglutide versus basal insulin, both in combination with oral metformin, in treating elderly type 2 diabetes mellitus (T2DM) patients with coronary heart disease and cardiac insufficiency. Methods Eighty elderly T2DM patients with coronary heart disease and cardiac insufficiency admitted to the Department of Endocrinology, Shule County People's Hospital from November 2023 to November 2024 were selected as the study subjects, and they were randomly divided into a control group or an observation group using a random number table, with 40 patients in each group. Both groups received diet and exercise interventions, along with conventional treatments including antiplatelet therapy, antihypertensives, and lipid-lowering agents; on this basis, the control group received oral metformin combined with subcutaneous injection of insulin degludec, the observation group received oral metformin combined with subcutaneous injection of insulin degludec and liraglutide, and the treatment course for both groups was 3 months. Glycemic metabolism indicators (fasting blood glucose [FBG], 2-hour postprandial blood glucose [2hPBG], and glycated hemoglobin [HbA1c]), insulin resistance and body composition indicators (homeostasis model assessment of insulin resistance [HOMA-IR] and body mass index [BMI]), inflammatory factor (interleukin [IL]-6), cardiac function and exercise tolerance (left ventricular ejection fraction [LVEF], left ventricular end-diastolic diameter [LVEDD], brain natriuretic peptide [BNP], and 6-minute walking distance) before and after treatment, as well as the occurrence of cardiac events and adverse reactions during treatment, were compared between the two groups. Results Before treatment, there was no statistically significant difference between the two groups in HOMA-IR, BMI, LVEF, LVEDD, 6-minute walking distance, or level of FBG, 2hPBG, HbA1c, serum IL-6, or plasma BNP (all P>0.05). After 3 months of treatment, compared with the control group, the observation group had lower HOMA-IR, BMI, and LVEDD; reduced levels of FBG, 2hPBG, HbA1c, serum IL-6, and plasma BNP; higher LVEF; and a longer 6-minute walking distance (all P<0.05). During the treatment period, the total incidence of cardiac events in the observation group was lower than that in the control group (P<0.05), while there was no statistically significant difference in the total incidence of adverse reactions between the two groups (P>0.05). Conclusion For elderly T2DM patients with coronary heart disease and cardiac insufficiency, insulin degludec and liraglutide is more effective than basal insulin, when combined with metformin, in improving glycemic metabolism, insulin resistance, and body composition indicators; alleviating inflammatory status; optimizing cardiac function; and enhancing exercise tolerance. It also helps reduce the incidence of cardiac events without increasing the risk of adverse reactions such as hypoglycemia.