Anhydrous milk fat (AMF) and its fractions are used as ingredients in a wide range of food applications. Obtaining the appropriate solid fat content (SFC) is essential to achieve the desired product texture. At present, in-line monitoring techniques to control milk fat crystallization and melting are largely unavailable. The thermal behaviour of milk fat (AMF and four of its fractions) was monitored in a temperature-controlled vessel using an in-line Raman analyser and compared with thermograms generated using differential scanning calorimetry (DSC). The major stages of milk fat crystallization and melting were identified using the in-line Raman analyser. Thermal data from DSC showed excellent linear correlations with Raman spectral data (R2 value of 0.97 for the onset of milk fat crystallisation). Partial least squares regression (PLSR) models were developed using Raman spectra to predict SFC with coefficient of determination (R2Cs) from 0.929 to 0.992 and root mean standard error of calibration (RMSECs) ranging from 3.20 to 10.36%. Results demonstrated Raman spectroscopy has significant potential as a way of monitoring milk fat crystallization and melting processes.