Abstract: A low calorie margarine and a method of making same, which margarine has a fat content of 19-38% and manufactured by emulsification of a water phase in a fat phase to directly provide a water-in-oil emulsion, in which the water phase, as a main ingredient, comprises a protein concentrate, and in which the fat phase comprises 70-100% cured (hardened) fat and the remaining fat being uncured fat, and in which the water phase comprises a heat treated and ripened solution in skim milk, butter milk, whey, water or any mixture thereof of between 2 and 6% by weight of starch and between 0.02 and 0.05% by weight of an emulsifier, which solution, after having been heat treated and ripened, is mixed with about 55-60% by weight of a protein concentrate having a protein content of 12.8%, and the fat phase is composed of fats and between 0.75 and 1.