Velveeta is the brand name of a processed cheese product first made in 1918 by Swiss immigrant Emil Frey of the Monroe Cheese Company in Monroe, New York. In 1923, The Velveeta Cheese Company was incorporated as a separate company, and was sold to Kraft Foods in 1927. The product was advertised for its nutrition. Velveeta is classified by the United States Food and Drug Administration as pasteurized process cheese product (see processed cheese).

Velveeta is currently sold in the United States, Canada, Hong Kong, Philippines, South Korea, and Germany (as "Velveta"). A similar product is sold in Australia as "Kraft Cheddar Cheese". At one time it was also sold in the United Kingdom.

For a time during the 1980s, Velveeta used the advertising jingle, "Colby, Swiss and Cheddar, blended all together" in its U.S. television commercials to explain its unique taste.

In 2002, the FDA warned Kraft that Velveeta was being sold with packaging that described it as a "pasteurized processed cheese food," which the FDA claimed was false ("cheese food" must contain at least 51% cheese). Velveeta is now sold as a "cheese product," using a term for items that contain less than 51% cheese.

Velveeta must be refrigerated after opening.

Trout fishermen have reported success using Velveeta as bait.