The Maillard reaction (MR) involves the reaction of carbonyl groups of monosaccharides or polysaccharides and amino groups of amino acids or proteins. There is increasing recognition of the role of the MR in food science and technology. The MR plays an important role in the development of color, aroma, texture, and nutritional value of food products. This review is mainly focused on the preparation of model MR product (MRP) of amino acid/monosaccharides and protein/polysaccharide, antioxidant effects of amino-sugar MRPs and protein-polysaccharide Maillard-type neoglycoproteins, and safety issues related to both types of the MRPs.