In order to obtain good cheese quality, the milk has to possess good physical-chemical properties and should originate from healthy cows. Since milk fat and milk protein are the main constituents of cheese, their proportion in milk is of particular importance for the product yield and quality. This paper describes studies on the protein to fat ratio of milk and the consequent influence on the chemical composition and yield of semi-hard cheese, commercially called "Montenegrin naturally dried cheese". The tests were conducted on six bulk milk samples and six cheese samples. The milk parameters were analysed by the Milkoscan 400 unit whereas chemical analysis of cheese and whey were carried out with the Milkoscan FT 120 device. The average composition of the cheeses was: 29.27% fat, 21.90% protein, 55.27% total dry matter and 0.78% sodium chloride. The mean value for the content of dry matter without fat was 26%, whereas the fat content of the cheese dry matter was 53.18%, the moisture content in cheese 44.73% and moisture content in fat-free matter 63.24%. There was a medium positive correlation between the ratio of fat to protein in milk and fat content in cheese (r = 0.60309), the ratio of fat to protein in milk and dry matter of cheese (r = 0.57103), weak positive correlation between the ratio of fat to protein in milk and cheese protein (r = 0.48067) and medium negative correlation between the ratio of fat to protein in milk and moisture content in cheese (r = -0.57103). Medium negative correlation was found between the ratio of protein to fat in milk and content of cheese fat (r = -0.56416), the ratio of protein to fat in milk and cheese protein content (r = -0.51899), the ratio of protein to fat in milk and dry matter of cheese (r = -0.53118) and medium positive correlation between the ratio of protein to fat in milk and moisture content in cheese (r = -0.53118). Ratio fat to protein in milk and the actual yield of cheese was determined as medium positive (r = 0.66459) and the ratio protein to fat in milk and the actual yield of cheese as medium negative correlation (r = -0.67807). The protein to fat ratio in milk influences the decline of fat, protein, dry matter and yield of cheese and increase moisture content in cheese.