Specialty milks, as an important component of the dairy industry, are rich in various nutrients such as protein, lactose and minerals. As the nutritional composition and functional characteristics of different specialty milks have gradually become clearer, specialty milks and their products have been increasingly favored by consumers. This review summarizes and compares the differences in nutrient composition and content among milks from six minor species (yak, buffalo, goat, camel, horse, and donkey), and explains the functional characteristics of functional factors in specialty milks such as enhancing immunity, antioxidant and antibacterial properties. In addition, this paper explores the current status, opportunities and challenges of processing technologies for functional milk power, fermented products and cheese from specialty milks based on their unique nutritional components and functional properties. Its aim is to add variety to dairy products, promote the coordinated development of specialty milks in China, and provide a theoretical basis for the high-value utilization of specialty milk resources and the development of personalized functional milk.