Low-fat spread (LFS) is the product harmonizing with the idea of healthy nutrition. At the same time, it has a good taste and flavor, as well as very good spreadability at refrigerator temperature. The present investigation studied the effect of method of cooling on the properties of cow and buffalo milk ghee, and comparative evaluation of LFS prepared from them. Slowly pre-cooled cow ghee had intense yellow color than rapidly pre-cooled cow ghee, whereas slowly pre-cooled buffalo ghee has creamish white color and rapidly pre-cooled buffalo ghee had white color. Rapidly pre-cooled cow ghee had a very smooth and pasty texture than rapidly pre-cooled buffalo ghee. The LFS of cow ghee had shown maximum sensory scores for color and appearance, body and texture, spreadability, and overall acceptability, as compared to buffalo ghee LFS. Chemically, it was observed that both the LFS differ in FFA content, while they had similar fat, protein, carbohydrate, ash, and total solids content, as well as pH. Oiling off and wheying off were found higher in cow ghee LFS over buffalo ghee LFS. Color, appearance, and flavor scores were found improved by the addition of butter annatto color and diacetyl flavor respectively. Color and appearance, body and texture, spreadability, and overall acceptability scores were higher for cow ghee LFS when subjected to 35 °C for 10, 20, and 30 min. It was found that after 10 min of exposure to 35 °C, the physical qualities of both LFS were unchanged, but the sensory properties diminished as time passed.