Extending the shelf life of dairy products is of critical importance for the development of the dairy industry. Globally, dairies are actively exploring innovative business growth strategies to address the rising consumer demand for high-quality dairy products while simultaneously improving the economic benefits and promoting the environmental sustainability of processed foods within the supply chain. The system of dairy products is very complex, and during the storage period, the physicochemical properties of nutrients and nutrient-nutrient interactions are complicated, highly variable, and susceptible to deterioration when the external environment changes. This review focuses on key quality indicators of dairy products, such as lipid oxidation, non-enzymatic browning, and significant environmental factors. By systematically selecting appropriate indicators and developing robust shelf-life prediction models, a scientific foundation is laid for the rapid and precise development of shelf-life models. These efforts ultimately support the sustainable development of the dairy industry.