Summary In this study, the effect of pumpkin fibre (PF) on physicochemical, microbiological, rheological and microstructural characteristics of reduced‐fat yogurt samples was investigated during storage. PF was added at three different concentrations (0.5%, 1.0% and 1.5%) to standardised (1.55% fat ratio) cow's milk. Plain yogurt (PF‐free) was used for comparison. The addition of PF significantly affected total solid content, synaeresis, water‐holding capacity, apparent viscosity and colour parameters (L*, a*, b*) of yogurt samples for all sampling time. The addition of PF caused a reduction in L* values (from 94.89 to 88.67), but caused an increase in a* (from −2.10 to +4.22) and b* (from 10.79 to 25.88) values. Yogurts with PF exhibited lower synaeresis and more viscous structure than PF‐free sample during storage. SEM images showed that distinctive microstructure profile was present between samples with or without PF. More filamentous structures and denser network were observed in the SEM images and these increased with increasing level of PF. Yogurt containing 1.0% PF showed a higher storage (G′) (3687.87 at 21 day) and loss (G″) (543.10 at 21 day) moduli in comparison with other samples. In conclusion, the results revealed that PF improved the physical quality and contributed textural properties of half‐fat yogurt.