Meal replacement beverages (MRBs) are consumed by a wide variety of consumers for different reasons. This study evaluated how younger adults (n = 62; aged 18-35) and older adults (n = 63; aged 65 or older) perceive MRBs. The participants started by identifying how they define MRBs. Then, the participants evaluated the sensory properties of five different chocolate-flavored MRBs using hedonic scales and the check-all-that-apply (CATA) method. Participants also identified which factors were important when consuming and purchasing MRBs. The participants highlighted that MRBs should be filling (high satiety) and have nutritional benefits. Both groups of consumers separated the MRBs based on their ingredients (plant-based or dairy-based) and liked MRBs that were sweet, chocolatey, creamy, and salty. The older adults' liking decreased due to the perception of astringency, while younger adults' liking decreased due to bitterness and off-flavors. The older adults also placed greater importance on fiber content, diabetic friendly, satiety, and calcium content than the younger adults, while the younger adults were interested in plant-based and vegan MRBs more so than the older adults. Overall, the sensory perception and hedonic liking were similar between the two groups, but their consumption factors differed.