The problem addressed by the present invention is to provide a method for producing reconstituted milk having improved flavor and emulsion stability, and in particular to provide a reconstituted milk that has superior emulsion stability by means of ameliorating the reduced emulsion stability of reconstituted milks, and having a fresh taste/flavor like that of cow milk by reducing off-tastes and off-odors of the reconstituted milk produced in a method for producing reconstituted milk using an oil/fat content starting material and a non-fat milk solid content such as powdered skim milk. In the present invention, reconstituted milk is produced having superior emulsion stability and a taste/flavor like that of fresh cow milk by means of separately performing (1) a step for preparing a non-fat milk solid component solution containing a non-fat milk solid content starting material, heat sterilizing the non-fat milk solid content solution, and cooling the result, and (2) a step for preparing an oil/fat emulsion containing the oil/fat content starting material, and heat sterilizing and cooling the result, and then (3) mixing the non-fat milk solid component solution and the oil/fat emulsion and performing a homogenization process on the mixture of the non-fat milk solid component solution and the oil/fat emulsion at a temperature that is at least the congealing point of the oil/fat.
