The invention discloses a preparation method and a product of cheese by using monascus sp. The method comprises the steps of firstly, performing sterilization to raw milk, cooling the raw milk, so as to obtain treated milk, inoculating lactic acid bacteria starter to the milk to ferment the milk till pH is 6.0 to 6.5, and then adding chymosin to perform clabbering for 30 to 40min, so as to obtain curdled milk, secondly, cutting the curdled milk obtained in the first step into blocks, stirring the curdled milk to remove whey, then adding salt, uniformly stirring the curdled milk, and then putting the curdled milk into a die, thirdly, pressing or not pressing the curdled milk after the milk is put into the die, overturning the curdled milk for 5 to 10 times in the frequency of one time per 15-30 minutes, and standing the curdled milk, so as to further remove the whey, and fourthly, cutting the curdled milk into curdled milk blocks, spraying or coating a mixture of monascus sp. fermenting liquor and acidified rice paste on surfaces of the curdled milk blocks, putting the curdled milk blocks into a container, and curing the curdled milk blocks, so as to obtain the cheese by using monascus sp. The cheese by using monascus sp. belongs to natural mould cured cheese, and the method effectively improves the texture and the flavour of cheese through monascus purpureus, increases the nutritive value of cheese, is convenient and simple, and is convenient for popularization and application.