There are disclosed methods for producing fermented milk and whey that enable effective production in high yield of fermented milk and whey having high content of an ACEI peptide that is highly safe and applicable to pharmaceuticals, functional foods, health foods, and the like. The methods are: a method including the steps of mixing lactic acid bacteria and a starting material containing milk by stirring to prepare a mixed material, and fermenting the mixed material under stirring so that curd pieces and whey containing an angiotensin converting enzyme inhibitory peptide are generated, whereby fermented milk containing the curd pieces and the whey containing the angiotensin converting enzyme inhibitory peptide is produced; and a method including the steps of subjecting the resulting fermented milk to centrifugation and/or filter pressing to separate and recover whey.