Cocoa butter, also called theobroma oil, is a pale-yellow, edible fat extracted from the cocoa bean. It is used to make chocolate, as well as some ointments, toiletries, and pharmaceuticals Cocoa butter has a cocoa flavor and aroma. Its melting point is just below human body temperature.

Cocoa butter is obtained from whole cocoa beans. For use in chocolate manufacture, the beans are fermented before being dried. The beans are then roasted and separated from their hulls to produce cocoa nibs. About 54–58% of the cocoa nibs is cocoa butter. The cocoa nibs are ground to form cocoa mass, which is liquid at temperatures above the melting point of cocoa butter and is known as cocoa liquor or chocolate liquor. Chocolate liquor is pressed to separate the cocoa butter from the non-fat cocoa solids. Cocoa butter is sometimes deodorized to remove strong or undesirable tastes.

Cocoa butter contains a high proportion of saturated fats as well as monounsaturated oleic acid, which typically occurs in each triglyceride. The predominant triglycerides are POS, SOS, POP, where P = palmitic, O = oleic, and S = stearic acid residues. Cocoa butter, unlike non-fat cocoa solids, contains only traces of caffeine and theobromine.

Cocoa butter typically has a melting point of around 34–38 °C (93–101 °F), so chocolate is solid at room temperature but readily melts once inside the mouth. Cocoa butter displays polymorphism, having different crystalline forms with different melting points. The production of chocolate aims to crystallize the chocolate so that the cocoa butter is predominantly from the fraction that has the melting point near 34°C, which is the most stable form that can be obtained from melted cocoa butter.

Uniform crystalline structure will result in smooth texture, sheen, and snap. This structure is obtained by chocolate tempering. Melting the cocoa butter in chocolate and then allowing it to solidify without tempering leads to the formation of unstable polymorphic forms of cocoa butter. This can easily happen when chocolate bars are allowed to melt in a hot room and leads to the formation of white patches on the surface of the chocolate called fat bloom or chocolate bloom.