The consumer market has seen a surge in various types of plant‐based milk alternatives (PBMAs), driven by factors such as sustainability, ethics, and the availability of diverse options. However, the global adoption of PBMAs is still hindered by potential nutritional concerns and cost‐ineffectiveness. It is therefore paramount to understand the status and challenges of these alternatives, encompassing production, stabilization strategies, nutrition and health, digestion, and environmental impacts. This review provides a comprehensive examination of these aspects. We begin by scrutinizing the production processes and formulation strategies of PBMAs, followed by an exploration of fundamental stabilization aspects, including homogenization, emulsification, thickening, and quantitative measurements of stabilization. Additionally, we discuss their nutrition facts and potential health benefits, as well as potential differences in the digestion of nutrients from PBMAs. Importantly, their challenges and future directions are discussed individually, highlighting the need for a fundamental understanding and effective food technologies to develop sustainable, nutritious, tasty, and affordable PBMAs. For example, several critical aspects involve maximizing the use of plant materials (e.g., proteins, fibers, and bioactive compounds) and using reliable and unified life cycle analyses to guide the development. This review offers valuable insights for researchers, food technologists, and consumers seeking to navigate and develop the landscape of PBMAs effectively.