The yak is a species mainly distributed in and around the Qinghai-Tibet Plateau in China, and its special living environment makes yak milk unique in terms of nutritional value and flavor substances compared to cow’s milk, so that more and more consumers pay attention to yak milk. This paper summarizes the annual milk yield of yaks and the factors influencing it, and the nutritional composition, flavor substances, and flavor substance concentration and identification of yak milk from the perspective of the industrial chain of yak milk commercialization. This review can help to develop and utilize raw yak milk as high-quality commercial aseptic milk.