The yak is a rare animal that predominantly lives on the Qinghai-Tibet Plateau. The production volume of yak milk is low, but it is rich in nutrients, containing higher contents of protein, fat and lactose compared with Holstein milk, as well as abundant amounts of other nutrients. Furthermore, it is found that yak milk has anti-hypoxia, anti-fatigue and antioxidant activities, among other, which may be attributed to the unique habitat of yaks. In this article, the lactation performance of yaks, as well as the nutritional components and functional characteristics of yak milk is reviewed, with a view to providing a theoretical reference for the development and utilization of yak milk.