In this experiment, a new type of nutritional drink—millet skim milk beverage—was developed based on combining skim milk with millet and nutritional resource utilization. The effects of NaHCO3 concentrations in soaking water (0, 0.5 g/100 mL, and 1.0 g/100 mL) and blanching time (0, 15, and 30 min) on the physicochemical properties of millet skim milk were studied. The parameter changes caused by the above treatment were evaluated via color analysis, physicochemical analysis and sodium dodecyl sulfate polyacrylamide gel electrophoresis (SDS-PAGE). Soaking in water containing NaHCO3 had a significant (p < 0.05) effect on pH, specific gravity, viscosity, and stability. The blanching treatment had a significant (p < 0.05) influence on the total solids of the samples. However, blanching only slightly affected the physical properties of the samples. In addition, soaking and blanching treatments had significant (p < 0.05) effects on the b* value of millet skim milk beverage, whereas there was no significant (p > 0.05) change in L* and a*. SDS-PAGE analysis indicated that the blanching treatment had a significant (p < 0.05) effect on band 5 and band 6 and that the soaking treatment also had a significant effect on the bands of 6 and 7 (p < 0.05). By analyzing the substantial effects, we concluded that the optimum process conditions were soaking with 0.5 g/100 mL NaHCO3 solution and blanching for 15 min.