The changes in proteolysis, calcium (Ca) equilibrium, and functional properties of natural Cheddar cheeses during ripening and the resultant processed cheeses were investigated. For natural Cheddar cheeses, the majority of the changes in pH 4.6 soluble nitrogen as a percentage of total nitrogen (pH 4.6 SN/TN) and the soluble Ca content occurred in the first 90 d of ripening, and subsequently, the changes were slight. During ripening, functional properties of natural Cheddar cheeses changed, that is, hardness decreased, meltability was improved, storage modulus at 70 °C (G'T=70) decreased, and the maximum tan delta (TDmax) increased. Both pH 4.6 SN/TN and the soluble Ca were correlated with changes in functional properties of natural Cheddar cheeses during ripening. Kendall's partial correlation analysis indicated that pH 4.6 SN/TN was more significantly correlated with changes in hardness and TDmax. For processed cheeses manufactured from natural Cheddar cheeses with different ripening times, the soluble Ca content did not show significant difference, and the trends of changes in hardness, meltability, G'T=70, and TDmax were similar to those of natural Cheddar cheeses. Kendall's partial correlation analysis suggested that only pH 4.6 SN/TN was significantly correlated with the changes in functional properties of processed cheeses.