Food overconsumption is being addressed increasingly in the policy agendas of many advanced economies to achieve sustainable consumption. Yet, few studies define and research sustainable food consumption, particularly in understanding socioeconomic and environmental challenges and opportunities in urban environments. This paper evaluates 500 online surveys conducted in Brisbane, Australia, to explore public perceptions of food consumption and the underlying challenges and opportunities. A key finding is the co-existence of over- and underconsumption prevailing over the traditional focus on unhealthy food overconsumption. The challenges of affordability, access to healthy foods, limited retail options, and increasing carbon urban footprints complicate food consumption as a demand issue more conditional to the socio-spatial characteristics of urban environments. Opportunities for sustainable food consumption also arise in high health awareness and willingness to change dietary habits if facilitated by improved urban food provisioning. We argue that food diversity and accessibility-conducive urban environments can help transform food consumption by enabling enhanced access to affordable and nutritious foods, diversified food retail options and variety, and reduced food waste and loss-associated carbon emissions. To do so means improved global equity in food consumption and carbon footprint can optimistically reduce global food demand by 9% and generate better environmental outcomes, positively contributing to the UN’s Responsible Consumption (SDG12) and Climate Action (SDG 13) for 2030.