The aim of this study was to formulate and develop a low calorie and low glycemic index (GI) of soft ice cream by using mixture of sucrose and Stevia. Five different formulations of ice cream were produced by using different proportions of sucrose and Stevia. Physicochemical characteristics, hedonic sensory evaluations and glycemic index determination of products were carried out by following conventional methods. Replacement of sucrose with Stevia resulted in a significantly lower viscosity and brix with a higher overrun and melting rate in a dose dependent manner. Total replacing of sucrose with Stevia resulted in significant reduction in caloric value from 143.03 to 105.25 Kcal and GI from 79.06 ± 4.0 to 72.18 ± 5.27 as compared to those of sucrose based formulation (p < 0.05) indicating a 37.78% and 6.88% reduction, respectively. TB had the best sensory acceptance among all the treatments. We concluded that substitution of sucrose with Stevia may be a choice to produce low caloric and GI ice creams. However, using mixture of the two sweeteners improves sensory acceptance of the formulations.