Lecithin is constituted of a glycerophospholipid mixture and is abundantly used as an emulsifying agent in various food applications including chocolate production. However, overconsumption of lecithin may create an adverse effect on human health. Thus, this study aims to replace the lecithin with plant‐based gums. Different ratios of guar and arabic gum (25%–75%) and their blend (25%–75%) were employed as partial replacement of lecithin. Milk chocolate prepared using 40% guar gum (60GGL [guar gum, lecithin]), 25% arabic gum (75AGL [arabic gum, lecithin]), and a blend of 15 arabic gum and 10 guar gum (65AGGL [arabic gum, guar gum, lecithin]) showed similar rheological behavior as compared to control chocolate (100% lecithin). The fat content of 65AGGL (37.85%) was significantly lower than that of the control sample (43.37%). Rheological behavior exhibited shear‐thinning behavior and samples (60GGL‐75GGL‐80GGL, 65AGL‐75AGL, and 65AGGL‐75AGGL) showed similar rheological properties as compared to control. The chocolate samples (60GGL and 65AGGL) showed significantly (p < .05) higher hardness values (86.01 and 83.55 N) than the control (79.95 N). As well, gum‐added chocolates exhibited higher thermal stability up to 660°C as compared to the control sample. The Fourier transform infrared spectroscopy (FTIR) analysis revealed predominant β‐(1 → 4) and β‐(1 → 6) glycosidic linkages of the gums and lecithin. Sensory evaluation revealed a comparable score of gum‐added milk chocolate in comparison to control samples in terms of taste, texture, color, and overall acceptance. Thus, plant exudate gums could be an excellent alternative to lecithin in milk chocolate, which can enhance the textural properties and shelf life.