The adoption of brown fermented milk in the normal diet and daily beverages is accompanied by significant sugar intake and a high public health burden. To reduce the sugar content in dairy products while maintaining optimal nutritional properties, a novel low-calorie, lactose-free brown fermented milk was developed through enzymatic hydrolysis and the Maillard reaction. The optimal product was achieved using low-temperature lactase, where the lactose and glucose content were reduced 33-fold and 2.4-fold to 0.06 g/100 g and 13.32 g/L, respectively, meeting the criteria for being lactose-free (<0.5 g/100 g). Meanwhile, hazardous compounds such as 5-hydroxymethylfurfural and 3-deoxyglucosone were reduced by more than 20%. After 28 days of storage, the water-holding capacity and suspension stability remained notably stable, and the protein composition was also more enriched compared to commercial milk. It is expected that this low-calorie dairy product may promote growth in the dairy market.