A low fat, high moisture peanut butter composition containing from 0 to 50% peanut flour having less than about 1% peanut oil and from 0 to about 50% of a fat containing peanut source selected from the group consisting of peanut paste from non-defatted peanuts having about 50% peanut oil and partially defatted peanut paste having from about 12% to about 30% peanut oil. The peanut flour and peanut paste are present in the composition at a level sufficient to provide from about 10% to about 24% of peanut protein. The composition also optionally includes from 0 to about 10% of a protein source selected from the group consisting of whey protein isolate, peanut protein isolate and whey protein concentrate. The peanut butter composition has from about 23% to about 40% moisture. The peanut butter composition also includes a humectant and emulsifier system comprising sorbitol, lecithin, glycerine, sodium stearoyl lactylate, xanthan gum and may optionally include polyphosphate. The humectant and emulsifier system is present at a level sufficient to provide a water activity (Aw) of less than about 0.91. The peanut butter composition has from about 1% to about 25% of vegetable oil, preferably peanut oil.