PROBLEM TO BE SOLVED: To provide fermented milk having low fat, concentrated feeling and excellent in smoothness of texture, and a manufacturing method therefor.SOLUTION: There are provided a method for manufacturing fermented milk having non-fat milk solid component of 15 mass% or more and fad content of 3 mass% or less, including fermenting modified milk containing a milk raw material, concentrating the same under a condition with mass ratio of fat content/non-fat milk solid component of the resulting fermented article of 0.05 to 0.2, fermentation rate of 2 times or more and temperature of the fermented article of 5 to 35°C, and fermented milk having average particle diameter of 16 μm or less represented by average diameter of volume basis distribution obtained by a laser diffraction scattering method.SELECTED DRAWING: None