The food industry is continuously developing a range of plant-based milk analogs driven by increasing consumer demand. These milk analogs should be affordable, convenient, desirable, nutritional, and sustainable. Furthermore, the plant-based milk analogs should have somewhat similar physicochemical properties, sensory attributes, and functional performance as bovine milk. This chapter explores the physicochemical properties, functional performance, and sensory evaluation of plant-based milk analogs derived from legumes, cereals, nuts, and seeds. The physicochemical properties of plant-based milk analogs, such as texture-rheological properties, stability, particle size distribution, and optical properties, emphasizing their dependence on raw materials and processing methods. Functional performance, including emulsification, foaming, and gelation, is discussed in relation to protein, polysaccharide, and lipid interactions during formulation and processing. The sensory evaluation of plant-based milks—covering attributes like color, flavor, mouthfeel, and overall acceptability to highlight consumer perception and acceptance challenges compared with conventional dairy milk. Overall, understanding the interplay between physicochemical, functional, and sensory parameters is crucial for optimizing the quality and consumer appeal of plant-based milk analogs.