Whey is by-product from natural cheese manufacturing process. For alcoholic fermentation, the initial lactose content and pH were adjusted to 4.5% and 4.2, respectively. Two strains of yeasts (Kluyveromyces marxianus, Saccharomyces cerevisiae) and seven strains of lactic acid bacteria (Lactobacillus brevis, Lactobacillus casei, Lactobacillus acidophilus, Lactobacillus lactis, Leuconostoc cremoris, Lactococcus lactis and Streptococcus thermophilus) were examined for their alcohol production and sensory acceptability. Ethanol content in the whey fermented by lactose-fermenting K. marxianus was 2.8% at 4th day of incubation and that fermented by nonlactose fermenting S. cerevisiae was 0.2%. In case of mixed fermentation with yeasts and tactic acid bacteria (LAB being inoculated at 0 hr), the maximum ethanol production was obtained in the sample inoculated at 16 hr by s. cerevisiae, and in the sample inoculated at 24 hr by K. marxianus. The optimum temperature was $37^{circ}C$ for alcohol production under static condition. The production of $CO_2$ gas was higher in the whey fermented by K. marxianus (1.88%) than by S. cerevisiae (0.04%). The titratable acidity of the whey gradually increased with fermentation time and its content was 0.39% at 4th day of fermentation by K. marxianus and 0.52% by S. cerevisiae. Among seven strain of latic acid bacteria tested, Lactococcus lactis exerted synergistic effect for acid production with K. marxianus. Therefore, overall results suggestd that the combination of Lactococcus lactis and K. marxianus was best choice in fermenting cheese whey for edible purpose.