Beyond high-fidelity image synthesis, diffusion models have recently exhibited promising results in dense visual perception tasks. However, most existing work treats diffusion models as a standalone component for perception tasks, employing them either solely for off-the-shelf data augmentation or as mere feature extractors. In contrast to these isolated and thus sub-optimal efforts, we introduce a integrated, versatile, diffusion-based framework, Diff-2-in-1, that can simultaneously handle both multi-modal data generation and dense visual perception, through a unique exploitation of the diffusion-denoising process. Within this framework, we further enhance discriminative visual perception via multi-modal generation, by utilizing the denoising network to create multi-modal data that mirror the distribution of the original training set. Importantly, Diff-2-in-1 optimizes the utilization of the created diverse and faithful data by leveraging a novel self-improving learning mechanism. Comprehensive experimental evaluations validate the effectiveness of our framework, showcasing consistent performance improvements across various discriminative backbones and high-quality multi-modal data generation characterized by both realism and usefulness. Our project website is available at https://zsh2000.github.io/diff-2-in-1.github.io/.