Abstract Provided is a method of producing a liquid fermented milk that has a weak sour taste and a mild taste and has no deterioration in the appearance, flavor, and texture because of forming no precipitates during storage. A method of producing a liquid fermented milk having a pH of 5.0 or more, including: (A) a curd preparation step of preparing a curd having a pH of 5.0 to 6.0 by adding lactic acid bacteria to a raw material of fermented milk and performing fermentation and (B) a homogenization treatment step of subjecting the curd to homogenization treatment at a pressure of 30 to 100 MPa to provide a liquid fermented milk having a pH of5.0to6.0. The liquidfermentedmilkhas, for example, a viscosity of 10 mPa-s or less and an acidity of 1.0% or less.