Visible and chemical changes of sterilized concentrated skim milk prepared laboratorially were studied over a long period of storage, and on the basis of the results the changes of the calcium-caseinate-phosphate complex were discussed.The results obtained are summarized as follows. (1) The formation of visible sediment and “whey off” were observed on the 50th day of storage. The increment of the viscosity was not so large during storage. (2) The remarkable increase of the soluble casein was observed, and its proportion to total casein amounted to about 2/3 on the 120th day of storage. Only small amount of calcium bound to the soluble casein. (3) Each amount of calcium and inorganic phosphorus in the ultracentrifugal whey decreased gradually, and that of magnesium increased during storage. (4) The ratios of Ca/N and P/N in the casein complex increased extremely after storage.