Milk is a biological fluid of exceptional complexity. It contains the nutrients for the growth and development of the newborn. The compositional structure of milk is, however, dependent on the species and tailored to sustain growth and development of its own offspring. Human milk contains specific proteins, lipids, and other components designed to be easily digestible and which have important roles to play in child development. Human infants should ideally be nursed on mother's milk, which constitutes nature's best food. However, in the event of lactation failure, insufficient milk secretion, and where mothers are suffering from transmittable diseases, human milk substitutes serve as savers of precious life during vulnerable stages of infancy. Bovine milk as such or with certain modifications has been widely used for infant feeding. There has been an ever-increasing reliance on formula feeding practices both in developed and developing countries. Bovine milk based dried formulations have become a prominent feature of infantile dietetics. Emphasis has been laid on the manufacture of formulations having compositional and biochemical characteristics similar to human milk. The technological advancement for the production of infant formula has come a long way in the manufacture of a variety of infant formulae for the dietary management of infants. This is a comprehensive review providing insight on the detailed compositional differences of various nutrients present in human milk as compared to bovine milk, their makeup, significance, and recommended levels of intake that are best suited for the growth and development of infants fed on modified/prepared infant formulations.