The present study investigates the effects of particle size, milk fat, and sucrose content on the rheological and textural properties of pistachio spread formulations. Three pistachio pastes were prepared using a mill with different particle sizes: LP (large), MP (medium), and SP (small). Pistachio spreads were formulated with sugar, milk fat, and a combination of sugar and milk fat. The samples were analyzed for their physicochemical properties, including texture, color, rheological characterization, and oil separation. Sensory analysis of pistachio spreads was also performed to reinforce the correlation between textural and rheological parameters and sensory aspects. The rheological properties of pistachio pastes and spreads were evaluated using a rheometer between 20 °C and 45 °C, and all samples exhibited non-Newtonian properties with a yield stress. Textural analysis indicated that increasing milk fat content reduced firmness and work of shear values, thereby improving spreadability. In contrast, a higher sucrose content increased these parameters, making the paste more viscous. This comprehensive study highlights the interplay between ingredient composition and physical properties, providing valuable insights for developing pistachio-based spreads.