Fair Food Labeling and Advertising Act - Title I: Labeling Requirements - Amends the Federal Food, Drug, and Cosmetic Act to establish labeling requirements for foods which are labeled "lite" or "light" and for foods which make similar comparative claims to describe reduced fat, sodium, or calorie content. Exempts certain small enterprises from such requirements. Directs the Secretary of Health and Human Services to promulgate regulations to implement the requirements of this Act and to define the term "low fat" within nine months of the date of enactment of this Act.

Amends the Federal Meat Inspection Act and the Poultry Products Inspection Act to establish similar labeling requirements for prepared meat products and poultry, with the same exemption for small enterprises.

Amends the Federal Alcohol Administration Act to establish labeling requirements for claims of "lite" or "light" or claims related to calorie content for malt beverages, wine, and other distilled spirits.

Title II: Advertising Requirements - Amends the Federal Trade Commission Act to provide that advertising of any of the aforementioned products which does not comply with such labeling requirements shall be considered false advertising.