The objective of this study was to evaluate the effects of adding collagen (0.5 to 1.0%) and the partial replacement of sodium chloride (0.25 to 1.0%) with a salt substitute mixture (50% KCl, 25% MgCl2, and 25% CaCl2), on the physicochemical characteristics and the rheological and technological properties of cooked and smoked chicken sausage with reduced fat and sodium. For the preparation of sausages, it was decided to use a 23 central composite design with 4 replications in the central point. The results indicated that the addition of collagen fiber and the substitution of salt by the proposed mixture significantly altered the moisture levels of the sausage as a result of higher or lower salt concentrations. The reformulation of the product directly affected the Aw, the final pH, and the level of sodium chloride, and it also led to significant changes in the texture of the product; however, these changes did not affect the sensory acceptance of the product. The best results were found for the F1 formulation (with 0.5% collagen fiber, 0.25% of mixture, and 0.25% of salt), which resulted in 53% reduction in fat and 29% reduction in sodium without compromising the hardness, chewiness, color, and sensory acceptance, when compared with the formulations with higher salt content. The results of the sensory evaluation showed that the partial replacement of salt by the mixture (50% KCl, 25% MgCl2, and 25% CaCl2) and the partial replacement of fat by collagen were viable.