Abstract: A method of preparing a high fat extruded protein product includes feeding water, a first fat, and a blend of plant proteins to an extruder to produce an extruded protein mixture. The extruded protein mixture is directed through a cooling die and divided into pieces, with the pieces being subsequently tumbled with oil. The resulting high fat extruded protein product will have at least 15-23% total fat by weight and, upon cooking, exhibits a desirable grease-out effect (e.g., reminiscent of a traditional pepperoni product). The blend of plant proteins preferably includes soy protein, wheat gluten and a grain or starch-based ingredient, and makes up at least 40-50%, by weight, of the high fat extruded protein product.