The aim of the presented study was to evaluate the relationship between adiponectin and the non-esterified fatty acids (NEFA), beta-hydroxybutyric acid (BHBA), glucose, albumin, gamma-glutamyl transferase (GGT), calcium, phosphorus and blood urea nitrogen (BUN) levels in healthy cows and cows suffering clinical or subclinical ketosis in the early postpartum period. A total of 45 Holstein-Friesian dairy cows, consisting of 15 with clinical ketosis, 15 with subclinical ketosis and 15 healthy controls, was used in the study. The selection of animals was based on blood BHBA levels and urine ketone strip results on day 7 after parturition. Blood adiponectin, NEFA, glucose, albumin, GGT, calcium, phosphorus and BUN were also measured on day 7 postpartum. Adiponectin levels were significantly lower in both clinical ketosis and subclinical ketosis groups compared to the control group. NEFA levels were higher and glucose and calcium levels were lower in both ketosis groups when compared to the control animals. On the other hand, blood albumin, GGT, phosphorus and BUN levels did not differ among study groups. Based on the results of the study, it can be stated that adiponectin may play a role in the pathogenesis of ketosis. This role could be a lower milk yield and better energy balance in early postpartum dairy cows with high adiponectin levels due to increased whole body tissue insulin sensitivity.