The aim of this review is to overview important literature data on milk and its composition, methodology of quality assurance throughout its processing and preservation, and to compare risks and benefits of consuming raw (unpackaged) and pasteurized (packaged) milk. Milk contamination risks are of various types, including physical contamination (foreign components, such as manure, feed, dust, pieces of broken glass, strands of hair, wood, plastic, or metal chips), chemical impurities (antibiotics, hormones, pesticides, detergents, or heavy metal residues), and microbiological agents (germs and somatic cells). Our study addresses the quality and safety of raw and pasteurized milk consumed by humans. If one considers risks and benefits simultaneously, there are many pros and cons of consuming raw and pasteurized milk. One can conclude that pasteurized milk is more appropriate for consumption as compared to the lower quality raw milk. For manufacturing high quality pasteurized milk, one should implement good hygienic practices, proper pasteurization process, as well as pre and post pasteurization preservation.