With respect to low-fat and high milk solids-not-fat(hereinafter referred to as SNF) fermented milk produced by adding nofat dry milk to low-fat fermented milk, causes of decreases in flavor and texture are roughly due to either (a) a decrease in milk fat content, or (b) addition of nonfat dry milk at high concentrations. The present invention aims to improve the flavor and texture of said fermented milk by a natural method without using additives to overcome either of the above mentioned causes.The present invention relates to a process for producing fermented milk with a SNF content of 11wt% or more and/or a milk fat content of 0.1wt%-2.0wt%, wherein the dissolved oxygen concentration in a fermented-milk material mixture is controlled to 5ppm or less at the start of the fermentation, and a starter is added to the fermented-milk material mixture and the fermentation is performed at 30℃-46℃, as well as to fermented milk produced by said process.於低脂肪發酵乳內加入脫脂乳粉而作成低脂肪且高SNF的食品時,其風味與口感降低的原因,大致分為(a)因乳脂肪量的降低所致、與(b)因以高濃度添加脫脂乳粉所致,本發明的課題在於,對於這兩種原因,以不使用添加物而較自然的方法改善風味與口感。本發明係關於一種發酵乳的製造方法及藉由該發酵方法製造出來的發酵乳,該發酵乳的製造方法係無脂乳固形物(以下稱為SNF)為11重量%以上及/或乳脂肪量為0.1重量%~2.0重量%之發酵乳的製造方法,其中,將發酵開始時之發酵乳原料混合物中的溶氧濃度設為5ppm以下,在該發酵乳原料混合物中添加菌元,以30℃~46℃發酵。