High‐pressure homogenization (HPH) and ultrahigh‐pressure homogenization (UHPH) are emerging food processing techniques for stabilizing emulsions and food components under the pressure range from 60 to 400 MPa. Apart from this, they also support increasing nutritional profile, food preservation, and functionality enhancement. Even though the food undergoes the shortest processing operation, the treatment leads to modification of physical, chemical, and techno‐functional properties, in addition to the formation of micro‐sized particles. This study focuses on recent advances in using HPH/UHPH on plant‐based milk sources such as soybeans, almonds, hazelnuts, and peanuts. Overall, this systematic review provides an in‐depth analysis of the principles of HPH/UHPH, the mechanism of action, and their applications in other nondairy areas such as fruits and vegetables, meat, fish, and marine species. This work also deciphers the role of HPH/UHPH in modifying food components, their functional quality enhancement, and their provision of oxidative resistance to many foods. HPH is not only perceived as a technique for size reduction and homogenization; however, it does various functions like microbial inactivation, improvement of rheologies like texture and consistency, decreasing of lipid oxidation, and making positive modifications to proteins such as changes to the secondary structure and tertiary structure thereby enhancing the emulsifying properties, hydrophobicity of proteins, and other associated functional properties in many nondairy sources at pressures of 100–300 MPa. Thus, HPH is an emerging technique with a high throughput and commercialization value in food industries.