The present study was undertaken with the objectives to develop suitable technology for preparation of low fat dietetic fermented dairy drink, to evaluate the organoleptic quality of dietetic fermented dairy drink as well as cost of the product. Three different percentage of milk fat 0.5%, 1.5%, and 3% indicated as F1, F2, and F3 respectively and four different levels of cornflakes powder 4%, 6%, 8% and 10% indicated as C1, C2, C3, and C4 respectively compared to each other. The sensory evaluation of the prepared dairy drink was carried out by using the nine point hedonic scale. Cost of the product was also worked out for different treatment combinations. The data obtained during investigation was statistically analyzed by using factorial design and critical difference between combinations. Amongst the different treatment combinations of dietetic fermented dairy drink, F3C3 having 3 percent milk fat and using 8 percent level of cornflakes powder was found to be superior in terms of flavour and taste, colour and appearance, consistency as well as overall acceptability over the other treatment combinations. The cost wise, dietetic fermented dairy drink prepared was also more economical as compared to the dairy drink available in present day market.