Plant-based milk alternatives have become increasingly desirable due to their sustainability and the increased consumer awareness of health. Among many varieties of emerging plant-based milk, the smooth texture and flavor of oat milk make it spread rapidly around the world. Furthermore, as a sustainable source of diet, oats can provide rich nutrients and phytochemicals. Issues on the stability, sensory properties, shelf life, and nutritional quality of oat milk have been highlighted in published studies. In this review, the processing techniques, quality improvement, and product features of oat milk are elaborated, and the potential applications of oat milk are summarized. Besides, the challenges and future perspectives of oat milk production in the future are discussed.