This study aimed to evaluate the effects of coconut oil and palm oil in milk replacer (MR) on the growth performance, blood lipids, rumen fermentation, rumen microbiota, and fatty acid profile of hepatic and muscle of suckling calves. Thirty-six Holstein male calves were randomly assigned to three treatments. Three milk replacers containing different fat sources were as follows: control group (CON, milk fat), coconut oil group (CCO, coconut oil powder as fat), and palm oil group (PLO, palm oil powder as fat). Calves were weighed and blood sampled at 14, 28, 42, and 56 days old, respectively, and the feed intake and fecal score were recorded daily. Fat sources in milk replacers had no effects on body weight, ADG, DMI, fecal score, or days of abnormal fecal in suckling calves among the three groups, while the PLO group tended to decrease starter intake compared with the other groups. Serum concentrations of TC, HDL-C, LDL-C, and VLDL-C in the CCO group increased compared with those of the CON group. Palm oil also decreased the serum GLU concentration of calves but had no effects on serum lipids compared with milk fat. Coconut oil or palm oil had no effects on rumen fermentation, rumen chyme enzyme activity, rumen bacterial community richness and diversity, and dominant phyla and genera when compared with milk fat. However, compared with the CON group, the CCO group increased the proportion of MCFAs and n-6 PUFAs, and decreased the proportion of UFAs and MUFAs in liver tissue, while the PLO group increased the proportion of PUFAs and decreased the proportion of n-3 PUFAs in liver tissue. In addition, compared with the CON group, the CCO group increased the proportion of MCFAs, and decreased the proportion of UFAs and n-3 PUFAs in longissimus dorsi, while the PLO group increased the proportion of PUFAs and decreased the proportion of n-3 PUFAs in longissimus dorsi. In conclusion, compared with milk fat, coconut oil or palm oil in MR had no effects on growth performance, rumen fermentation, and rumen microflora but significantly increased serum lipids concentration and changed some proportions of MCFAs and PUFAs in liver and longissimus dorsi in suckling calves. These results indicate that coconut oil or palm oil as the sole fat source for MRs has no adverse effect on calf rumen fermentation and rumen microbiota but has a detrimental effect on n-3 PUFAs deposition in the liver and longissimus dorsi muscle.