The present study was conducted to investigate the effect of cocoa butter contents (10 to 25%), degree of fineness of particle (40 to 200 mesh sieve) on the dispersibility and colour of cocoa powder. The obtained results indicated that the higher the cocoa butter content in cocoa powder, the higher the water separated with time. The dispersibility of cocoa powder also depends on the degree of fineness is the best in the samples where the particles were smaller (200 mesh sieve), and much worse in cocoa powder with particles 40 mesh sieve (in the experimental ranging). Cocoa powder of 15% cocoa butter gave the better dispersibility than cocoa powder with 20 and 25% cocoa butter. A very high correlation between the degree of fineness, cocoa butter and time on dispersibility (percentage of water separated) of cocoa powder drink was observed. Besides, there were significant differences among the chromaticity value of cocoa powder for the different degree of fineness and cocoa butter content, the more cocoa butter content, the darker in cocoa colour. The most important effects on L and b values are cocoa butter content and degree of fineness, while a value is most affected by cocoa powder degree of fineness.