A method for providing a reduced fat, reduced calorie peanut butter composition. The method consists of the steps of providing a mixture of peanut meal having from about 5% to about 35% peanut oil and a polyol fatty acid polyester having at least four esterified hydroxyl groups. The polyol polyester is present in the mixture at a level of from about 10% to about 25% by weight, based on the weight of the peanut meal. The mixture is ground to provide a peanut paste and the peanut paste is mixed with additional polyol fatty acid polyesters having at least four esterified hydroxyl groups to provide a peanut butter product having a total fat content of from about 45% to about 55% by weight, but having a reduced level of digestible fat.
