The physico-chemical properties (proximate, salt content, water activity (aw), pH) and lipid oxidation of droëwors (dried salted/spiced meat sausages) produced with zebra meat and different sheep fat levels (10, 15, and 20% by weight) measured at day 0 (before drying), day 2 (after drying at 30 °C and 40% relative humidity), and over a 90 day storage (day 17, 32, 47, 62, 77, and 92) under vacuum at 25 °C were investigated. The use of lower fat levels (10 and 15%) in the formulation resulted in higher weight loss during drying and droëwors with higher protein, ash, and salt content and lower aw and pH compared to the droëwors made with 20% fat. The pH increased (p < 0.001) during storage for all the fat levels, while the moisture content and the aw were stable as expected. TBARS values were the highest in droëwors made with 20% of fat after drying (day 2), but droëwors made with 10% of fat reached similar maximal values on day 17. Formulations containing 15% sheep fat displayed the lowest TBARS values after drying and along storage, and thus had the best characteristics in relation to oxidative stability.