Fermented brown milk has gained popularity because of its unique taste and flavor. Lactobacillus bulgaricus ND02 is a starter culture that has good milk fermentation characteristics. This study aimed to profile the metabolites produced during Maillard browning and to identify metabolomic differences between fermented brown milk and fermented milk produced by the ND02 strain. This study used liquid chromatography-mass spectrometry to compare the metabolomes of milk, fermented milk, brown milk, and fermented brown milk. Significant differences were observed in the abundances of various groups of metabolites, including peptides, AA, aldehydes, ketones, organic acids, vitamins, and nucleosides. The Maillard browning reaction significantly increased the intensity of a wide spectrum of flavor compounds, including short peptides, organic acids, and compounds of aldehydes, ketones, sulfur, and furan, which might together contribute to the unique flavor of brown milk. However, Maillard browning led to an increase in Nε-(carboxymethyl)lysine, which might cause negative health effects such as diabetes, uremia, or Alzheimer's disease. On the other hand, fermenting brown milk with the ND02 strain effectively countered such an effect. Finally, 5 differentially abundant metabolites were identified between fermented brown milk and fermented milk, including l-lysine, methylglyoxal, glyoxal, 2,3-pentanedione, and 3-hydroxybutanoic acid, which might together contribute to the different nutritional qualities of fermented brown milk and fermented milk. This study has provided novel information about the Maillard reaction and compared the metabolomes of the 4 types of dairy products.