Regular aerobic exercise and milk consumption have been found to have positive effects on certain cognitive functions such as short-term memory and sustained attention. However, aggregated effects of combining these modalities have not been explored. This study examined the combined effects of milk supplementation and aerobic exercise on the short-term memory and sustained attention of female students aged 16 yr. (N = 81). The intervention involved serving of 250 ml of regular milk during school days and/or a 1-hr. aerobic exercise period twice per week for 6 weeks. The Digit Span Test and Digit Vigilance Test were used to measure short-term memory and sustained attention, respectively. The combination group (milk and exercise) and exercise group performed significantly better than did the milk and control groups in terms of short-term memory. No significant interaction or group differences were found for sustained attention. The results suggest benefits of regular exercise for students' short-term memory.