To obtain peanut butter containing ground and roasted nut and low- calorie triacylglycerol oil, etc., having nut solid fat-free level, etc., in a specific range and having texture and functional characteristics of whole fat nut butter peanut.

This low-fat and low-calorie peanut butter having texture and functional characteristic of whole fat nut butter comprises 18-30% ground and roasted nut, 0-25% roasted and partially defatted nut powder, 0-30% ground and partially defatted nut, 4-18% low-calorie or noncaloric triacylglycerol oil, 0.05-18% sweetener, 1.0-2.0% salt, 0.5-3.5% stabilizer/emulsifier and 2-38% low- calorie or noncaloric extender. The peanut butter has 20-34% nut solid nonfat level and (2.0:1) to (2.7:1) ratio of whole fat solid to whole oil.