To effectively suppress pH decrease during the second half of a fermentation process. This low-acid fermented milk production method comprises a step for obtaining a fermented milk base material by adding a lactobacilli starter to a raw material mix; and a fermentation step for fermenting the fermented milk base material at 35-50° C., wherein the time required for the pH of the fermented milk base material to drop from 4.6 to 4.4 in the fermentation step is set to three hours or more. Further, the time required for the pH of the fermented milk base material to reach 4.6 after the addition of the lactobacilli starter to the raw material mix is set to nine hours or less.