Fluid sweet whey, defatted peanut flour, soybean oil, and corn syrup solids were processed with conventional dairy plant equipment to form a free flowing powder reconstitutable with water to form a nutritious beverage. A formulation containing 50% sweet whey solids, 20% soybean oil, 24.6% defatted peanut flour, and 5.4% com syrup solids had a proximate composition of 20.6% protein, 5% ash, 21.6% fat, 3.5% moisture, 1% fiber, and 48.3% carbohydrate. The standardized protein efficiency ratio was 2.0 compared to casein at 2.5, and nitrogen digestibility was 80% compared to casein at 93%. The flavor quality was bland initially; however, decreased flavor scores coupled with increased peroxide values in the blend during storage were indicative of a serious stability problem.