This study aimed to investigate the effect of prepartum and postpartum feed restriction on body weight (BW), blood metabolites, and hormones as well as colostrum and milk yields and compositions in fat-tailed dairy sheep. In this study, 20 multiparous and pregnant ewes were randomly allocated to either the control (Ctrl; n = 10) or the feed-restricted (FR; n = 10) groups from week −5 to week 5 relative to parturition. Despite dry matter intake being decreased in the FR group compared to the Ctrl throughout both prepartum and postpartum periods, no differences in BW were detected between groups in any of the studied periods. Feed restriction increased both free fatty acids and beta-hydroxybutyrate concentrations during both prepartum and postpartum periods. Similarly, feed restriction increased triglyceride concentration postpartum. Additionally, feed restriction increased insulin and growth hormone and decreased prolactin concentrations during both prepartum and postpartum periods. Feed restriction caused a decreased colostrum yield and a relative increase of the main colostrum components in the FR group. Similarly, milk yield decreased in the FR group compared to the Ctrl group, although milk components were not affected. In conclusion, feed restriction did not affect BW but decreased colostrum and milk yield in fat-tailed dairy sheep.