Patients with the metabolic syndrome are characterized by insulin resistance, obesity and a predisposition to hypertension, dyslipidaemia, pancreatic β-cell dysfunction, type 2 diabetes and premature atherosclerosis. Here we review the hypothesis that a common feature linking these multiple abnormalities is dysregulation of the AMP-activated protein kinase (AMPK)/malonyl-CoA fuel-sensing and signalling network. It is proposed that such dysregulation leads to alterations in cellular fatty-acid metabolism that in turn cause ectopic lipid accumulation, cellular dysfunction and ultimately disease. Evidence is also presented that factors that activate AMP kinase and/or reduce malonyl-CoA levels might reverse these abnormalities or prevent them from occurring.