The objective of this research paper was to assess consumer knowledge, attitudes, and perceptions towards dairy fat. Adult participants completed a web-based survey collected from November 2022 to February 2023, across Mexico, Chile, and Argentina. In total, 1,204 respondents completed the survey. Most respondents were between 18 and 39 years old, female, educated, and employed. For both women (χ2 = 13.7, df = 4 p < 0.01) and men (χ2 = 26.7, df = 4 p < 0.01), the percentage of people who consume dairy products at least once a day increases with age. However, neither gender nor age affected the consumption of milk, yogurt, butter, cheese, or cream. An effect of country (χ2 = 330.2, df = 18 p < 0.01), age (χ2 = 69.2, df = 36 p < 0.01), and gender (χ2 = 69.2, df = 36 p < 0.01) was observed with respect to the type of milk consumed. In Mexico, whole milk consumption rates were highest, while semi-skimmed milk was favored in Chile, and skimmed milk in Argentina. Whole milk consumption was higher in men, however, skimmed and light milk were preferred by women. An effect of country (χ2 = 30.4, df = 14 p < 0.01) and age (χ2 = 70.1, df = 28 p < 0.01) was observed in relation to the type of fat that people consider most important. More respondents (48%) considered milk fat to be “healthy” or “very healthy” while no dependence was observed between countries and the relationship between the milk fat content and health. The best-known milk fat component in Argentina was omega-6 while Chilean consumers were less familiar with this component. Mexican consumers, gave greater importance to mono-unsaturated fats. Knowledge of other dairy fat groups and nutrients was similar across countries. This study benchmarks consumer knowledge and perceptions of dairy fat in Latin America, offering valuable insights for academia, industry, and consumers in the dairy sector.