Dairy cattle in the Alps are traditionally maintained on high altitude pastures during summer. In recent decades, however, many farmers prefer to maintain the cows always indoor with a hay-based diet. Many authors have shown that the forage type is able to modify the characteristics of milk and cheese. Recently the product specification of PDO Montasio allowed differentiation between mountain cheeses and other products. Aim of this trial is to study the effect of rearing system on the characteristics of milk and cheese produced in this context. One hundred and twenty Simmental dairy cows were considered, 60 grazed on high altitude pasture, and 60 kept indoor and fed a hay-based diet. Cheese production was repeated in two periods (early July and late August) and ripened two and six months. Pasture-derived milk and cheese presented higher fat and lower protein content than hay-derived ones. Rearing systems also affected cheese colour. Textural parameters, hardness, gumminess and chewiness were found to be higher in pasture-derived cheese. In addition, it showed lower level of total saturated fatty acids, and higher level of mono and polyunsaturated fatty acids than hay-derived cheeses. Consumers perceived the difference of cheeses in terms of colour and holes, but they express a similar overall liking. More limited effects of period and ripening time were observed.