PURPOSE: To obtain a milk liquor free from yeast smell and having remarkably rich taste and flavor, by adding a specific amount of a substance to increase osmotic pressure to lactic fermented milk or acidified milk and carrying out the fermentation with an alcohol-producing yeast under high osmotic pressure condition.

CONSTITUTION: A substance to increase osmotic pressure (e.g. monosaccharides) in added to a lactic fermented milk or acidified milk in an amount to give an osmotic pressure corresponding to the pressure generated by the addition of 15-50wt.% of sucrose. The obtained mixture is optionally added with a sugar assimilable with alcohol-producing yeast (e.g. glucose) and is fermented with an alcohol-producing yeast under high osmotic pressure condition.