Several studies have suggested that distortion product otoacoustic emissions (DPOAEs) may be an early marker not only of hearing loss (HL) but also of tinnitus. The purpose of this study was to investigate whether DPOAEs measured up to 16 kHz are affected by the presence of tinnitus. Pure tone thresholds and DPOAEs were measured in two groups: 55 patients with tinnitus and 63 subjects without tinnitus. The subjects were divided into three groups according to their audiometric results—better than 25 dB HL at all tested frequencies from 0.125 to 16 kHz, better than 25 dB up to 8 kHz, and hearing impaired. Receiver operator characteristics (ROCs) were used to test whether DPOAEs could differentiate between normal hearing, hearing loss, and tinnitus. Comparison of tinnitus subjects with the control group, matched accurately according to thresholds, did not yield any significant difference in DPOAEs. However, in both these groups hearing loss was accompanied by a decrease in DPOAEs, specifically, at 2–6 kHz and 16 kHz. The results suggest that any decrease in DPOAEs seems to be related only to hearing loss and there is no additional effect from tinnitus.