The aim of this study was to evaluate the effect of ricotta whey (RW), cheese whey (CW), and butter whey (BUW) as replacers of whole milk (WM) at different ratios (0:100, 25:75, 50:50, 75:25, and 100:0) in the physicochemical and sensory qualities of ice cream. All formulations, including a commercial sample used as reference, were analyzed for nutritional composition, energy value, pH, titratable acidity (TA), melting behavior, desorption index, instrumental color properties, instrumental hardness, and consumer sensory testing. Overall, the addition of RW, CW, and BUW increased the moisture content, TA, melting rate, and redness (a*) and yellowness (b*) values but decreased the pH, lightness (L*) value, energy value, levels of ash, protein, lipid, and carbohydrate. As exception, CW did not influence the TA, and BUW resulted in lower lipid reduction and in lower hardness changes, and it did not affect the content of ash, protein, and a* and b* values of ice creams. Any ice cream formulation had dietary fibers and a desorption index. Ricotta whey and CW at all ratios and BUW at 25% did not affect overall liking compared with the commercial sample, whereas purchase intention was only decreased by the addition of BUW from 50 to 100%. Ricotta whey at 75 and 100% decreased melting velocity and creaminess, and BUW at 50, 75, and 100% increased hardness, TA, and cream flavor but decreased creaminess, which contributed negatively to overall liking. Therefore, the evaluated dairy by-products, especially RW and CW, have great potential for replacing milk in ice creams.