Type 1 diabetes is a chronic condition in which the pancreas produces little or no insulin, a hormone essential to allow sugar (glucose) to enter cells to produce energy.
Type 2 diabetes, on the other hand, is a non-insulin dependent diabetes which means that you have become insulin-resistant, and your body does not function properly with the regular insulin you secrete. Type 2 diabetes is not insufficient insulin production, but insulin resistance.
They are both deadly diseases. If you have Type 1 diabetes, you can die in a few hours if you get low, in a couple of days if you get too high. Type 2 diabetes can evolve to the level where you are as almost as insulin dependent as if you had Type 1. In both cases, you are at very high risk of kidney failure, heart diseases, blindness and other severe complications.
Till date Type 1 Diabetes is not fully curable and is required daily insulin injections. But, Type 2 diabetes is an entirely reversible disease. However, taking medications will not reverse Type 2 diabetes.