A process for producing fish milk from fish protein liquid by enzyme hydrolysis method. The product obtained thus is a fish milk beverage having appearance close to milk, having 1.38-4.5% of protein content, containing richly 21 kinds of amino acids and unsaturated fatty acids necessary for human body, and containing EPA and DHA material to supply nutrition in human's brain as well as several trace elements. The product is a beverage food highly-rich in nutrition.