AbstractPancreatic lipase (PL) and pancreatic lipase‐related proteins 1 and 2 (PLRP1 and PLRP2) display different functional properties, despite close structures. The aim of the study was to compare the kinetic properties of recombinant human PLRP1, PLRP2, and PL on a physiological substrate: the milk fat under native and homogenized structures. No lipolytic activity is measured for PLRP1. PLRP2 hydrolyses milk fat with a lower catalytic efficiency than that of PL. PLRP2 activity, higher on homogenized than on native milk fat, is differently influenced by fatty acids (FA) and colipase depending on a proteolytic cleavage in the lid domain. FA enhance the activity on both milks. A colipase positive effect on the non‐proteolyzed PLRP2 is observed on homogenized milk and with FA on native milk fat. Bile salts are necessary. An original observation is a synergic effect between PL and PLRP2 on the two milks. An inhibitory effect of PLRP1 on PL activity is also demonstrated. The combined action of pancreatic lipases on milk fat digestion proposes PLRPs as modulators of PL. Our study supports the hypothesis of a major role of PLRP2 in fat digestion in newborns and brings new insights to understand the physiological role of PLRPs.