Possibility of using full fat soy flour (FFSF) for replacer for whole milk powder (WMP), stevia-mannitol blend as replacer for sugar and soybean oil (SBO) as replacer for cocoa butter in chocolate manufacture without impairing the sensory quality characteristics of chocolate was explored. Data on the sensory evaluation of WMP, sugar and cocoa butter substituted chocolates revealed that 40% (w/w) of WMP, sugar and cocoa butter can be successfully substituted by FFSF, stevia-mannitol blend and SBO, respectively in the preparation of high protein and low sugar chocolate without impairing the sensory attributes. Lecithin was found to be optimum at 0.32% (w/w) level of chocolate mix. Protein content of optimized formulation increased by 21.8% over control. Storage study of the product indicated an increase in hardness, free fatty acid content, peroxide value, total plate count, yeast and mold count, whereas a decrease in moisture content, pH value and sensory scores. The optimized chocolate was found acceptable (score ≥7.0) after 90 days of storage at 16±1°C and~65% RH.