This study evaluated the impact of fermented milk maceration on fermented lamb loin without nitrate to obtain peptides with high activity against oxidative changes (ABTS, DPPH, reducing power) as well as a favorable fatty acid profile, including CLA content. Additionally, an attempt was made to evaluate the influence of the lamb breed on the assessed properties. Raw loins (m. Longissimus dorsi) obtained from sheep of three polish breeds—Wrzosówka, Uhruska, and Świniarka—and fermented products were tested. The fermented loins obtained after 14 days of processing were characterized by pH and water activity values in the ranges, respectively, 4.76–5.12 and 0.902–0.915. The maceration of meat in a fermented milk has caused greater acidification of the meat during fermentation. Statistical analysis indicated that treatment was the factor with significant effect on peptide content; no effect of animal breed was found. The peptide content isolated from raw meat ranged from 2.90 to 4.31 mg g−1 of sample, while in fermented meat products it was significant higher (11.59–16.37 mg g−1 of product). The antioxidant properties of peptides were positively correlated with peptides content. The maceration in fermented milk resulted in a statistically significant increase of ABTS value in case of fermented lamb loin of Świniarka breed. The raw meat and fermented meat products form the Świniarka lamb breed were characterized by the highest content of the total CLA isomers. The main CLA isomer found was cis9-trans11 (rumenic acid), followed by cis9-cis11, trans9-trans11, and trans10-cis12. The rumenic acid content was higher than, respectively, 87% and 80–88% of total CLA isomers in case of raw meat and fermented lamb loins of three breeds.