The substitution of milk fat with virgin coconut oil (VCO) was used to produce nutritious ice cream with pleasant coconut flavor and aroma. Three formulations were developed whereby formulation VCO4, VCO8 and VCO12 was substituted with 4%, 8% and 12% of VCO, respectively. The physicochemical properties of ice creams analyzed include overrun, meltdown, pH, titratable acidity, total solid, protein and fat content. The fatty acids profile of VCO formulated ice creams and their stabilities over 3 and 6 weeks storage were studied respectively using gas chromatography (GC). Qualitative descriptive analysis (QDA) and consumer affective test were performed among the trained and untrained panelists. Significant differences (p < 0.05) of overrun, pH, total solid, protein and fat content between ice cream formulations were observed except titratable acidity. Increased VCO content in ice cream formulations lowered the melting resistance of ice cream. For GC analysis, the major fatty acid identified was lauric acid. Upon storage time, the concentration of unsaturated fatty acid decreased but the concentration of saturated fatty acid increased. The result of QDA showed that formulation VCO4, VCO8 and VCO12 were significantly (p < 0.05) different in attributes of color, firmness and smoothness as compared to the control ice cream. Formulation VCO12 was highly accepted by panelists in terms of the acceptance level of appearance, aroma, texture, flavor and overall acceptability. Hence, it has a potential marketable value.