A process for making a low fat nut spread having high protein and high fiber. The process comprises the steps of: (a) preparing a protein containing oil suspension; (b) preparing a sugar containing oil suspension; and (c) combining the protein containing oil suspension and the sugar containing oil suspension to form the nut spread. The “protein containing oil suspension” comprises high amounts of protein and fiber. The “sugar containing oil suspension” comprises high amounts of sugar. The resultant nut spread has a protein to fat ratio of greater than about 0.68:1 and a fiber to fat ratio of greater than about 0.18:1. The nut spread has good flavor and texture.