Under the background of national health, people’s health awareness increases and consumer raise higher requirements for the functionality and diversity of dairy products. With the rapid development of the dairy processing industry, functional dairy products have shown strong market attractiveness. This paper summarizes the current status of research on functional dairy products such as bovine colostrum products, probiotic dairy products, dairy products with added vitamins and minerals, dairy products with added enzymes and prebiotic dairy products, reflects on the problems existing in the research and development of functional dairy products in China, and discuss future prospects in this regard. We hope that this review can provide reference for the development of functional dairy products.