The production of low-fat chocolate represents a challenge in the food industry as fat provides the chocolate main characteristics. In this work, water-in-cocoa butter emulsions were used to partially replace fat. First, the emulsion was optimised in terms of formulation and process parameters to achieve the maximum fat replacement and the required properties in terms of droplet size, free water and thermal behaviour. Afterwards, the emulsion was mixed with cocoa powder, icing sugar and milk powder to make the full chocolate. The effects of the mixing temperature and stirring rate were investigated. Samples were analysed in terms of sample hardness, thermal behaviour and water activity, and compared with a commercial chocolate bar. It was demonstrated that with this approach it is possible to develop a low-calories chocolate, characterised by 40% fat less, with properties close to the full fat equivalent.