A flavour oil comprising an oil-soluble component derived from a dairy product powder that has been sugar and heat treated by subjecting a mixture of 1 to 20 parts by weight of a reducing sugar and 100 parts by weight of the dairy product powder to a heat treatment in the presence of 1 to 15% by weight of water is described. The oil soluble component can be produced by adding the above sugar-heat treated dairy product powder to a fat or oil, subjection the resultant to a heat treatment at a temperature of 90 to 150 DEG C under reduced pressure of not higher than 60 mmHg and then removing solids.
