Consumer scrutiny of fat content in foods is becoming a notable trend in health concerns. This study aims to develop a novel functional low-fat goat feta cheese by utilizing polydextrose (PDX) and inulin as dietary fiber-based fat replacers to improve its overall characteristics. The physicochemical and textural properties, along with consumer acceptance, of the feta cheese were evaluated across three fat levels (full-fat [FFC], reduced-fat [RFC], low-fat [LFC]) and three fibers: PDX, inulin, and their combination. The intercorrelation of all characteristics was assessed through principal component analysis and Pearson’s correlation. Fat reduction significantly altered the cheese’s visual properties, increasing lightness and the total color difference, which inversely correlated with a* and b* values. Lower-fat cheeses exhibited decreased pH and increased lactic acid, with salinity playing a crucial role in both lactic acid development and texture. Under Scanning Electron Microscopy (SEM), PDX yielded a cheese matrix with a finer pore structure than inulin or the combined fibers. Lower-fat cheeses exhibited greater hardness, with PDX resulting in the highest hardness among the fiber treatments. Crucially, the RFC with PDX was as well-received by consumers as the FFC. These findings not only empower goat farmers and cheese entrepreneurs to increase their product value for niche market but also contribute to sustainability by providing a healthier food option for functional benefits.