The present invention relates to a low-fat or fat-free air bubble-containing emulsion, which contains a whey protein aggregate, and method for producing the same. By means of the present invention, it is possible to provide a low-fat or fat-free air bubble-containing emulsion that substantially does not require the use of a stabilizer or emulsifier, is guaranteed to have high overrun, and has good flavor and texture.本發明為關於一種由含有乳清蛋白質凝集物而成之低脂肪或無脂肪之含有氣泡之乳化物、以及其製造方法。藉由本發明,能夠提供一種實質上不需使用安定劑或乳化劑,即能夠提供確保高膨脹率,且具有良好風味以及口感之低脂肪或無脂肪之含有氣泡之乳化物。