This is an excellent question. There are studies that show that Type 2 Diabetes is reversible in people for up to 10 years after diagnosis.
This is obviously only going to be the case if a patient undergoes changes that will lead to this outcome. This would include losing weight and maintaining an appropriate BMI, eating a healthy diet that is friendly to diabetes recovery, and exercise. Losing weight and keeping off seems to be a signficant factor for this reversal to happen.
Have your numbers fallen in the area of type 2 Diabetes?
the conventional answer to your question is "No, Type 2 Diabetes is not reversible. Indeed it is progressive".
However, recent efforts by groups such as Virtahealth and Professor Noakes Nutrition Network Group, have found that T2D is not not necessarily progressive and that it can be put into remission in at least some cases, and at worst it's management can be greatly helped.
So how does that happen? Diabetes is a disease of altered carbohydrate metabolism. This affects both insulin and glucose levels, with the insulin levels being abnormal for a period (sometimes even decades) before high glucose becomes apparent and a diagnosis is made.
As diabetes is a disease of altered carbohydrate metabolism, then the management involves greatly limiting carbohydrate intake. The degree of restriction varies by person (you have to use your blood glucose meter to detect the impact of different foods so you can learn which foods work for you and which do not), however it can go as low as 20 g a day from some, and up to maybe 130g a day for those who are very mild and more easily managed.
Protein and fat foods are eaten as the basis of the diet. carbohydrates will come from full fat dairy, non-starchy and non-sweet vegetables, some nuts, etc. This way of eating can be similar to the popular "Keto" diets, but the emphasis is on adequate protein and fats to energy balance rather than simply focusing on eating lots of fat.
Medications may still be needed, with the most popular medication being metformin / glucophage, which is a drug that makes your body more sensitive to your own insulin.
Please ask more questions if you are interested. Hope this answer can get you started.