The replacement of soybean meal with sweet white lupin (Lupinus albus L.) seeds was investigated in the diets of Iberian pigs during the growing and fattening phases, evaluating its effects on growth performance, carcass traits, and meat quality. Iberian pigs (n = 50) were divided into two dietary groups (n = 25 per group), receiving either a lupin-based concentrate or a soybean meal-based concentrate. The data were analysed using one-way analysis of variance (ANOVA), with a significance level of p < 0.05. The results showed that lupin substitution had no adverse effect on body weight, average daily gain, or carcass characteristics. No significant differences were observed in meat quality parameters such as pH, colour, and texture. However, significantly (p = 0.007) lower levels of saturated fatty acids (SFA) content were found in the intramuscular fat of pre-finishing (primor) pigs fed lupin-based diets. In addition, these pigs had lower plasma triglyceride levels at the end of the growing phase. Overall, the results suggest that sweet white lupin is a viable alternative protein source in Iberian pig production, offering potential health benefits in line with consumer preferences for sustainably produced, healthier meat products, without compromising production efficiency or product quality.