The rapid increase in the production of powdered milk–tea blends is driven by a growing awareness of the presence of highly nutritious bioactive compounds and consumer demand for convenient beverages. However, the lack of literature on the impact of heat-induced component interactions during processing hinders the production of high-quality milk–tea powders. The production process of milk–tea powder blends includes the key steps of pasteurization, evaporation, and spray drying. Controlling heat-induced interactions, such as protein–protein, protein–carbohydrate, protein–polyphenol, carbohydrate–polyphenol, and carbohydrate–polyphenol, during pasteurization, concentration, and evaporation is essential for producing a high-quality milk–tea powder with favorable physical, structural, rheological, sensory, and nutritional qualities. Adjusting production parameters, such as the type and the composition of ingredients, processing methods, and processing conditions, is a great way to modify these interactions between components in the formulation, and thereby, provide improved properties and storage stability for the final product. Therefore, this review comprehensively discusses how molecular-level interactions among proteins, carbohydrates, and polyphenols are affected by various unit operations during the production of milk–tea powders.