Abstract: In a process for preparing an aerated frozen food product such as mellorine or a shake beverage wherein water, fat, protein, emulsifier and stabilizer are blended together to form a mix which is homogenized to form an oil-in-water emulsion and is subsequently whipped under freezing conditions, improved stability is achieved in the product by selecting a specific oil having high solid fat content at room temperature, homogenizing the mix of ingredients under conditions sufficient to form an emulsion having a relatively narrow distribution of small diameter fat globules, and aging the emulsion to crystallize the fat globules prior to whipping. Stable aerated frozen products provided in accordance with this invention can be stored and distributed at 0.degree. F. without loss of quality and have a variety of commercial uses.