Current interests towards lowering FAT content in food products and producing healthier and safer foods, have convinced ice cream manufacturers to substitute milk FAT in ice cream with either carbohydrate or protein based FAT replacers. In the present work, reduced-FAT ice cream (5% FAT) was produced using milk protein concentrate (65%) and inulin as FAT replacers (0, 2 and 4%) as well as two types of commercial stabilizer-emulsifier blends (Stab-IC80 and Stab-6924) at levels of 0.3 and 0.4%. Rheological, physicochemical and sensory properties of ice cream mix and final ice cream were evaluated. All the mixes were pseudoplastic fluids with apparent viscosity values decreasing with increasing shear rate. Mix viscosity and consistency coefficient increased while flow behaviour index decreasing by use of MPC (Milk Protein Concentrate) and inulin and as well with an increase in either type of stabilizer level. Ice cream hardness was not affected by type and amount of FAT replacer and stabilizer but overrun values decreased with increasing MPC, inulin and stabilizers’ level in the product formulation. In general, samples containing Stab-IC80 had greater values of overrun and melting resistance than samples with Stab-6924. According to panel test results, the highest score for sensory evaluation was given to sample containing 2% inulin.