The suspension of slaked lime in water is known as

$\mathrm{CaO}+{\mathrm{H}}_2\mathrm{O}⟶\mathrm{Ca}(\mathrm{OH}{)}_2+\mathrm{Heat}$

   (quick lime)             (slaked lime)

This process is known as slaking of lime. The paste of lime in water (i.e.; suspension) is called milk of lime,

while the filtered and clear solution is known as lime water.