A study was undertaken on milk and caciocavallo cheese from Podolica cattle in the Basilicata Region (Southern Italy), with a view of the possible identification of specific traits useful to protect them from imitations. More than 800 individual milk samples and 29 bulk milk samples were taken in spring–early summer from cows registered in the genealogical book of the breed; moreover, 18 samples of caciocavallo cheese were taken in the same geographical area, 9 of which had been manufactured from Podolica milk. The obtained results confirmed the high aptitude of Podolica milk to cheesemaking, even though the exceptional dry weather in the period of sampling decreased the fat content with respect to the literature data. The presence of the variant A of α-lactalbumin, a characteristic trait of Podolica milk, was ascertained in only 14% of the animals considered in the study, indicating that this feature is disappearing in the population under study. The results on caciocavallo gave useful indications, because some possible peculiar characteristics were identified, such as the lower protein to fat ratio and some aroma descriptors. More research is needed to assess if these characteristics can be used for developing a multi-functional protocol, to be extended to all Italian Podolica populations, able to discriminate the cheese from imitations. In this perspective, the application of selection strategies for increasing the frequency of the variant A of α-lactalbumin should be carefully evaluated.