Abstract: A reduced calorie peanut butter product containing from about 15 to about 40% by weight of a solid bulking agent having from 0 to about 3 calories per gram, an oil-binding capacity from about 20 to about 45%, and a particle size less than about 50 microns. Preferred solid bulking agents are polydextrose and microcrystalline cellulose. The polydextrose is preferably neutralized by a compound containing calcium or magnesium. The microcrystalline cellulose preferably comprises aggregates having a particle size from about 5 to about 35 microns. Mixtures of the polydextrose and the microcrystalline cellulose may be used.