Consumption trends demand healthier meat products and require research into reformulation strategies. Ambiguities in consumer preferences for two processed meat reformulation strategies (i.e., ingredient “reduction” and nutrient “addition”) were investigated. Using physical prototypes of omega-3-enriched pork sausages and sensory evaluation to reduce hypothetical bias, followed by a choice-based conjoint experiment, results suggested that consumers valued both “addition” and “reduction” reformulation strategies, and consumers’ willingness-to-pay (WTP) premiums were the highest for omega-3 addition, followed by fat reduction, and were lowest for salt reduction. Moreover, WTP was influenced by sensory preferences and was positively correlated with sensory liking levels. Providing health-related information improved consumers’ sensory perceptions of omega-3-enriched sausages. Findings imply that reformulated healthier meat products are acceptable to consumers. Moreover, to enhance consumers’ valuation on new launches of healthier processed meat products, meat manufacturers should inform consumers of health-related reformulation information, provide consumers with opportunities to taste newly developed healthier processed meat products, and continuously optimize consumers’ sensory experience.