The invention aims at broadly dividing the deteriorations in the savor and palatability of low-fat and high-SNF (solids-not -fat) food produced by adding skimmilk powder to low-fat fermented milk into (a) one due to lowered milk fat content and (b) one due to the addition of skim milk powder in a high concentration and inhibiting each deterioration without any additive by a more natural method to improve the savor and palatability. The invention relates to a process for the production of fermented milk having an SNF content of 11% by weight or above and/or a milk fat content of 0.1 to 2.0% by weight which comprises adjusting the dissolved oxygen content of a raw material mixture for fermented milk at the initiation of fermentation to 5ppm or below, adding a starter to the raw material mixture, and conducting the fermentation of the obtained mixture at 30 to 46°C and fermented milk produced by the process.
