Labneh or strained yogurt is a fermented milk product popular in Lebanon, the Middle East, and in the Balkan regions. With increased consumer awareness about the health benefits of consuming diets low in fat, reduced-fat Labneh products have emerged on the Lebanese market. The objectives of this study were to assess the physicochemical and sensory properties of commercial bovine Labneh products differing in fat content. Seven commercial bovine Labneh brands were chosen. Three brands were available in full-fat, reduced-fat, and zero-fat versions, 3 in full-fat and zero-fat versions, and 1 in full-fat and reduced-fat versions, resulting in a total of 17 tested samples. The moisture, fat, protein, ash, pH, and nitrogen-free extract contents were determined and instrumental texture characteristics measured using a texture analyzer. Nine trained panelists used quantitative descriptive analysis to profile the sensory attributes of the samples and an acceptability test was carried out with 73 panelists. Brand type had a significant effect on all chemical parameters, as did fat level, except for nitrogen-free extract. Instrumental texture analysis showed a significant effect of brand and fat levels, as well as their interaction, on all attributes, except for adhesiveness and fat level. Sensory analysis suggested that significant differences existed between brands for most attributes. Full-fat samples were significantly more yellow, less sweet, and possessed a stronger acidic aftertaste than did their reduced-fat and zero-fat counterparts. Acceptability clearly decreased as fat level decreased from full fat to zero fat, with full-fat Labneh samples rating highest on the acceptability of appearance, flavor, texture, and overall acceptability.