Efficient software was used for the comparison of five alternative scenarios for the treatment of cheese whey wastewater resulting from a Cheddar cheese factory. Scenario I deals with a cheese whey wastewater treatment plant that produces butter, whey protein concentrate and food-grade ethanol. In scenario 2 the butter-making section is similar to the basic process (scenario 1) with some differences in the concentration of whey proteins and in the removal of residual minerals from water. In scenario 3 the plant produces Manouri (a type of cream cheese) instead of butter. In scenario 4 the plant produces two types of whey protein concentrate (WPC), namely, a rich in whey lipids (WPC 2) and the other a highly purified protein concentrate possessing improved functional properties (WPC 1). In addition a process that produces pure lactose has replaced the ethanol section. In scenario 5 the plant produces butter, whey protein isolate (WPI) containing 95% protein and hydrolyzed-isomerized whey permeate syrup (HIPS). The economic comparison has shown that scenario 3 is the most profitable due to its high net present value (NPV) and low payback period as well as to its low production rate (40% of the full production rate) at the breakeven point. The environmental impact assessment demonstrated that scenario 4 is more environmentally friendly than the others due to the absence of biomass in the effluent.