The invention concerns a process for producing lactose-free or substantiallylactose-free milk, preferably withoutaddition of water, and the product obtainable by the process. The processcomprises the steps of a) Ultrafiltration of original milkto obtain a first permeate and a first retentate, b) Nanofiltration of saidfirst permeate to obtain a second permeate and a secondretentate, c) Mixing said first retentate with said second permeate to obtaina mixture, and d) Hydrolysing remaining lactose in saidmixture to obtain a hydrolysed milk. The process provides a lactose-freeproduct with the taste of the original milk.