Alternative methods for improving traditional food processing have increased in the last decades. Additionally, the development of novel dairy products is gaining importance due to an increased consumer demand for palatable, healthy, and minimally processed products. Ultrasonic processing or sonication is a promising alternative technology in the food industry as it has potential to improve the technological and functional properties of milk and dairy products. This review presents a detailed summary of the latest research on the impact of high-intensity ultrasound techniques in dairy processing. It explores the ways in which ultrasound has been employed to enhance milk properties and processes of interest to the dairy industry, such as homogenization, emulsification, yogurt and fermented beverages production, and food safety. Special emphasis has been given to ultrasonic effects on milk components; fermentation and spoilage by microorganisms; and the technological, functional, and sensory properties of dairy foods. Several current and potential applications of ultrasound as a processing technique in milk applications are also discussed in this review.