An attempt has been made for economic utilization of whey in the form of whey-based fermented beverage as well as to utilize this nutritive potential of whey for developing suitable technology for the manufacture of whey-based. fermented milk beverage and to ascertain their shelf stability. The study undertaken has revealed that good quality whey-based fermented milk beverage could be made from a mixture of whey and milk. The beverage was prepared by admixing (60, 70, 80 and 90%) Cheddar cheese whey with milk. The overall acceptability of the beverage was improved with the addition of (CNC, guar-gum and pectin). The fermented beverage made by admixing 70% of cheese whey, 0.396 CNC with the milk resulted in an acceptable whey-based fermented milk beverage. Storage study showed that the beverage kept well up to 6-days at refrigeration temperature.