A process for producing a fermented milk which comprises lowering the dissolved oxygen concentration in a starting mixture for producing the fermented milk to 5 ppm or less at the initiation of the fermentation and conducting the fermentation at a temperature of from 30 DEG C to 39 DEG C, or adding a starter to the starting mixture for producing the fermented milk in an amount of from 25% to 50% based on the usual level and conducting the fermentation at a temperature of from 38 DEG C to 46 DEG C.