An alcoholic beverage that as it has fluidity at -15.degree. to -2.degree. C., can be drunk easily and appropriately and that through coexistence of fine ice pieces and bubbles, induces novel pleasant sensation of coolness and coldness and feeling of swallow, appropriate sensation of alcohol, and excellent flavor. There is provided an alcoholic beverage characterized in that it is produced by mixing an alcoholic beverage base mix containing alcohol and at least one type of water-soluble substance with ice pieces in a proportion of 20:80 to 80:20, and conducting aeration, agitation and cooling so that the volume fraction of contained gas is in the range of 1 to 150% and that the mixture temperature is lower than -1.degree. C., thereby obtaining a gas-containing matter having an alcohol concentration of .gtoreq.1.0 vol. % and being fluid at -15.degree. to -2.degree. C. wherein fine ice pieces of 0.06 to 0.8 mm major axis length are present in an amount of at least 80 wt. % based on the total weight so that remaining of at least part of the fine ice pieces is sensed.