Dulce de leche is a South American traditional dairy product. However, due to the high sugar content, it is unsafe for consumers with special physiological conditions, such as diabetes. Light foods were developed to meet those demands whilst maintaining the sensory characteristics. The present study aimed to develop and characterize a formulation of light dulce de leche, using sweeteners to substitute sucrose, and gums as thickening and stabilizing agents. The physicochemical assays follow the AOAC manual, and the microbiological parameters were set according to MERCOSUL’s legislation. Thirty potential consumers perform the nine-point hedonic scale for product acceptance and the seven-point scale for buying intention. Compared to the traditional formulation, the product had better rheological properties, but a lighter color. All the raw materials and final products were considered safe by the recommended microbiological and toxicological standards; however, the product showed discrepancies to the physicochemical requirements. The formulation had an overall medium acceptance and low buying intention. The product had deficiencies, needing other compounds to reach the desired characteristics. Even though it leads to a more expensive final product, it is possible to adjust the product and allow access to more selective consumers or with restrictions.