Aim We tested the hypothesis that crosstalk between cardiomyocyte‐rich perivascular tissue (PVT) and coronary arteries is altered in diabetes. Methods We studied the vasoactive effects of PVT in arteries from the Zucker Diabetic Fatty (ZDF) rat model of type 2 diabetes, streptozotocin (STZ)‐treated Wistar rats with type 1 diabetes, and corresponding – heterozygous Zucker Lean (ZL) or vehicle‐treated Wistar – control rats. Vasocontractile and vasorelaxant functions of coronary septal arteries with and without PVT were investigated using wire myography. Results After careful removal of PVT, vasoconstriction in response to serotonin and thromboxane analogue U46619 was similar in arteries from ZDF and ZL rats, whereas depolarization‐induced vasoconstriction – caused by elevating extracellular [K+] – was reduced in arteries from ZDF compared to ZL rats. PVT inhibited serotonin‐, U46619‐ and depolarization‐induced vasoconstriction in arteries from ZL rats, but this anticontractile influence of PVT was attenuated in arteries from ZDF rats. Methacholine‐induced vasorelaxation was smaller in arteries from ZDF than ZL rats both with and without PVT, and the antirelaxant influence of PVT was comparable between arteries from ZDF and ZL rats. We observed no differences in vasoconstriction, vasorelaxation or PVT‐dependent vasoactive effects between arteries from STZ‐ and vehicle‐treated Wistar rats. Conclusion Anticontractile influences of PVT are attenuated in coronary arteries from ZDF rats but unaffected in arteries from STZ‐treated rats. Signs of endothelial dysfunction are evident in coronary septal arteries – with and without PVT – from ZDF rats but not STZ‐treated rats. We propose that altered signalling between cardiomyocyte‐rich PVT and coronary arteries can contribute to cardiovascular complications in type 2 diabetes mellitus.