Milk is subjected to different industrial processes, provoking significant physicochemical modifications that impact milk’s functional properties. As a rapid and in-line method, front-face fluorescence can be used to characterize milk instead of conventional analytical tests. However, when applying fluorescence spectroscopy for any application, it is not always necessary to determine which compound is responsible for each fluorescent response. In complex matrixes such as milk where several variables are interdependent, the unique identification of compounds can be challenging. Thus, few efforts have been made on the chemical characterization of milk’ fluorescent spectrum and the current information is dispersed. This review aims to organize research findings by dividing the milk spectra into areas and concatenating each area with at least one fluorophore. Designations are discussed by providing specific information on the fluorescent properties of each compound. In addition, a summary table of all fluorophores and references cited in this work by area is provided. This review provides a solid foundation for further research and could serve as a central reference.