The present study concludes the impact of storage on changes in physico-chemical characteristics of fermented whey cereal (pearl millet and moth bean) beverage. The beverage was prepared by fermented whey (standardised to 4% fat and 18% total solids) supplemented with germinated pearl millet and moth bean slurry & using NCDC-167 as starter culture for 6–8 h at 37 °C. The developed beverage was then stored at 5 °C for 4 weeks. The samples were analysed for physico-chemical characteristics (pH, titrable acidity, viscosity, tyrosine, FFA, wheying off), sensory qualities changes and microbial quality changes (standard plate count, lactic acid bacteria count, coli form counts) at 3 days’ interval for 4 weeks at 4 °C. Control was prepared standardised whey (4% fat and 18% total solids) while treatments were prepared using standardised milk. During storage: acidity, tyrosine values, free fatty acid values and wheying off increased in all the samples The upsurge was on higher side in non nisin treated and non thermised samples compared to control formulation. However, all the samples remained sensorily acceptable upto 12th day of storage. Basic and thermised as well as nisin treated fermented whey cereal products epitomize innovative dairy products with desired functional characteristics with decent shelf life.