Milk and dairy products have a major role in human nutrition, as they contribute essential nutrients for child development. The nutritional properties of dairy products are maintained despite applying traditional processing techniques. Nowadays, so-called emerging technologies have also been implemented for food manufacture and preservation purposes. Low- and high-intensity ultrasounds are among these technologies. Low-intensity ultrasounds have been used to determine, analyze and characterize the physical characteristics of foods, while high-intensity ultrasounds are applied to accelerate particular biological, physical and chemical processes during food product handling and transformation. The objective of this review is to explain the phenomenology of ultrasounds and to detail the differences between low and high-intensity ultrasounds, as well as to present the advantages and disadvantages of each one in terms of the processing, quality and preservation of milk and dairy products. Additionally, it reviews the rheological, physicochemical and microbiological applications in dairy products, such as raw milk, cream, yogurt, butter, ice cream and cheese. Finally, it explains some methodologies for the generation of emulsions, homogenates, crystallization, etc. Currently, low and high-intensity ultrasounds are an active field of study, and they might be promising tools in the dairy industry.