A method for removing cholesterol and fat from egg and a reduced cholesterol egg product. An anionic chelating agent which forms a complex with the lipoprotein fraction of egg yolk is added to dilute egg yolk to form a precipitate comprising a complex of lipoprotein and the anionic chelating compound. The solid, complex-containing precipitate is separated from the aqueous fraction. Thereafter, lipids and cholesterol are separated from the precipitated lipoprotein-containing complexes to obtain protein-containing complexes. The egg product comprises the protein-containing complex, fat essentially free of cholesterol, and liquid egg white.