This study was carried out to find a cholesterol removal rate, flavor development, and bitter amino acid productions in Cheddar cheese treated with -cyclodextrin ($eta$-CD): l) Control (no homogenization, no $eta$-CD), and 2) Milk treatment (1000 psi milk homogenization, 1 % $eta$-CD). The cholesterol removal of the cheese were 79.3%. The production of short-chain free fatty acids (FF A) increased with a ripening time in both control and milk treated cheese. The releasing quantity of short-chain FFA was higher din milk treated cheese than control at 5 and 7 mo ripening. Not much difference was found in neutral volatile compounds production between samples. In bitter-tasted amino acids, milk treatment group produced much higher than control. In sensory analysis, texture score of control Cheddar cheese significantly increased, however, that in cholesterol-reduced cheese decreased dramatically with ripening time.