To provide a nonfat milk solid-containing oil-in-water emulsified product usable as a substitute for cow milk and condensed milk, having cow milk natural flavor, acid-resisting properties, salt-tolerant properties, and heat resistance, and excellent in flavor and property even under severe conditions such as retort sterilization.

This nonfat milk solid-containing oil-in-water emulsified product as an oil-in-water emulsified product containing oil and fat, nonfat milk solid and water includes 3-20 wt.% nonfat milk solid, and is added with magnesium salt and potassium salt. The content of magnesium derived from the magnesium salt is 0.01-0.3 wt.% based on the whole amount of oil-in-water emulsified product, and the content of potassium derived from the potassium salt is 0.01-0.3 wt.% based on the whole amount of oil-in-water emulsified product.