Adipose tissue plays a pivotal role in whole body energy homeostasis. In this review, we summarize knowledge of the seemingly paradoxical roles of insulin and cyclic adenosine monophosphate (cAMP) signaling in adipocyte differentiation and function, emphasizing the interplay between the two branches of cAMP signaling, the canonical protein kinase A-dependent pathways and the novel exchange protein activated by cAMP (Epac)-dependent pathways, and insulin signaling. We discuss how macronutrients via changes in the balance between insulin- and cAMP-dependent signaling can affect the development of obesity by changing energy expenditure and/or feed efficiency. We review results demonstrating how the balance between different classes of carbohydrates and proteins modulates the obesigenic action of saturated as well as unsaturated fatty acids pointing to insulin as a key determinant in the regulation of the metabolic/regulatory action of both n-3 and n-6 polyunsaturated fatty acids.