To obtain a dried milk substitute composition not causing aggregation of protein or fat in a significant amount by hydration and having high protein concentration and high fat concentration.

In this composition containing a stable aqueous emulsion of a protein material, fat and carbohydrate, the fat is contained in an amount of about 25 wt.% to about 50 wt.% and the protein is contained in an amount of about 25 wt.% to about 10 wt.% based on total weight of mixed protein material, fat and carbohydrate.