The effects of aged fermented milk produced by a mixture of various lactic acid bacteria and a yeast on serum and liver lipid concentrations were investigated in rats fed high-cholesterol diets. The serum total cholesterol and phospholipid levels significantly decreased in rats fed a high-cholesterol diet supplemented with fermented milk; however, there were no significant differences in the serum HDL-cholesterol and triglyceride levels among the treatment groups. The total cholesterol and phospholipid levels in the liver showed no significant difference among the treatment groups. The bile acid levels in the serum and feces significantly decreased in rats fed the high-cholesterol diet containing fermented milk.