In the present study, the heat and mass transfer parameters related to the potato chips and frying medium were determined, and the changes in some physical and chemical quality attributes of the potato chips were investigated during frying at 175 °C. The effective water diffusion coefficient-(Deff) was determined as 2.067×10−8 m2/s for potato chips, while the heat transfer coefficient-(h) was calculated as 251.5 W/m2.°C for the frying medium. The core temperature of the potato chips was equilibrated around 100 °C during frying, and under this constant temperature phase, the water evaporation rate was determined ∼8 g H2O/m2.s. HMF and furfural accumulations in the potato chips fit the best with the first-order mass formation kinetics model, and the formation rates were calculated as 0.1862 and 0.1386 1/min, respectively. High and significant correlations were determined between the color attributes of the potato chips and furfural derivatives. Consequently, the collected results by the suggested mathematical approaches can be used to optimize frying conditions along with obtaining the fried potato snacks compatible with consumer expectations.