Growing health, environmental, and ethical concerns have encouraged interest in plant-based milks (PBMs), but it remains questionable whether the nutrition labeling of these products is adequately reliable for consumers, and whether nutritional standards can be defined for a given PBM type. On this basis, cereal, pseudocereal, nut, and legume PBMs available on the Italian market were analyzed in order to check the accuracy of nutritional labels on packages and generate new or updated compositional data. Most labels provided inaccurate information, especially with respect to the declared energy, fat, and saturated fat. Cereal- and pseudocereal-based PBMs were generally characterized by high MUFA (34.04–59.35%) and PUFA (21.61–52.27%). Almond, soy, rice, and hazelnut beverages displayed the highest levels of total tocopherols (11.29–13.68 mg/L), while buckwheat and spelt PBMs had the highest total polyphenol content (34.25–52.27 mg GAE/100 mL). Major and trace elements greatly varied among samples, being more abundant in buckwheat and coconut-based drinks. A PCA confirmed that nutritional standards cannot be unequivocally established for a given PBM, and indicated that, among the investigated variables, inorganic elements had more weight in the sample differentiation. Overall, to reliably guide consumers in their dietary choices, there is a need for greater accuracy in the development of nutrition labels for PBMs, as well as greater effort in assessing the nutritional quality of the ever-increasing variety of products available on the market.