Since the early 1950s, numerous reports have been published suggesting that peanut milk and peanut milk based products can be prepared in a wide variety of ways. Emphasis has shifted from preparing inexpensive milk like beverages, very nutritious but somewhat lacking consumers appeal, to using the peanut milk or peanut protein isolates as an animal milk extender without changing flavor, to develop more attractive fermented products, and to precipitate proteins from the milk in order to get a curd called "tofu," and to produce cheese analogs. Great attention has been paid to the improvement of the stability, sensory properties, and shelf-life of the milk, using physical and chemical treatments. Many efforts have been deployed for supplementing the products. Thanks to recent advances, the removal of aflatoxin from peanut milk can be achieved using Flavobacterium aurantiacum as a biodegradater. It has also found application as liquid coffee whitener. However, despite all these developments and publications, there is still a need for much more diversified studies in order to definitely overcome the stability, the nutty flavor, and sensory problems always encountered when producing peanut milk and some peanut milk based products.