This study aimed to analyze the nutritional fortification and the distribution of energy and nutrient contents of different brands of milk powder for schoolchildren sold in Chinese markets. The daily supply of energy and nutrients from each product was calculated according to the nutritional information and recommendations for consumption on the package, and compared with the amounts recommended by the Chinese dietary reference intakes (DRIs) for schoolchildren. The results showed that the contents of vitamin C, vitamin E, vitamin B6, folic acid, docosahexaenoic acid (DHA), dietary fiber and linoleic acid varied greatly among different brands of milk powder for schoolchildren. Vitamins A, D, C, taurine and the minerals calcium, iron and zinc were fortified in more than two-thirds of the investigated samples. Based on their median nutrient contents, the milk powders provided about 12% of the energy requirements of male schoolchildren at 7–10 of age, including about 30% of the protein, vitamin C, vitamin D and iron, about 40% of the vitamin B6, calcium and zinc, and nearly 50% of the vitamin A and vitamin B2. Overall, milk powder for schoolchildren, a convenient and easily available dairy product, has nutritional advantages.