Objective: To explore the effects of cilostazol tablets combined with epalrestat tablets on serum inflammatory response, oxidative stress, and nerve conduction velocity in elderly patients with peripheral neuropathy of type 2 diabetes mellitus. Methods: Ninety-six elderly patients with type 2 diabetic peripheral neuropathy received treatment in our hospital from June 2016 to March 2018 and were randomly divided into two groups: the control group and the experimental group with 48 cases in each group. Both groups were given insulin to control blood glucose, diet therapy, exercise guidance, and other routine treatment. The patients in the control group were treated with cilostazol tablets alone, and the patients in the experimental group were treated with cilostazol tablets combined with epalrestat tablets. Both of the two groups were treated continuously for eight weeks. The clinical curative effect, serum inflammatory index level (C-reactive protein (CRP), interleukin-6 (IL-6), tumour necrosis factor-alpha (TNF-alpha)), oxidative stress index activity (malondialdehyde (MDA), total antioxidant capacity (TAOC), superoxide dismutase (SOD)), nerve conduction velocity (median nerve, common peroneal nerve motor conduction velocity (MNCV), and nerve sensory conduction velocity (SNCV)) were observed. The changes in adverse reactions were compared between the two groups. Results: After treatment, the total effective rate of the experimental group was 93.75%, and the total effective rate of the control group was 66.67%. The total effective rate of the experimental group was significantly higher than that of the control group (P<0.01). The levels of CRP, IL-6, and TNF-alpha in the experimental group and the control group were significantly decreased after treatment, and the experimental group was significantly better than the control group (P<0.05). After treatment, the level of MAD decreased and the level of GSH-Px and SOD increased significantly in the experimental group and the control group. The level of MAD in the experimental group was significantly lower than that of the control group, and the level of GSH-Px and SOD was significantly higher than that of the control group (P<0.05). After the treatment, the speed of the MNCV and SNCV of the median nerve and the common peroneal nerve in the experimental group and the control group were significantly elevated, and the experimental group was significantly higher than that of the control group (P<0.05). The incidence of adverse reactions in the experimental group was 2.08%, which was significantly lower than that in the control group (12.51%, P<0.05). Conclusion: The combination of cilostazol tablets and epalrestat tablets is effective in the treatment of elderly patients with type 2 DPN. It can significantly improve nerve conduction velocity, increase antioxidant stress, reduce the inflammatory reaction, control blood glucose, and have fewer adverse reactions.