This study was designed to compare various quality characteristics, such as nutrient composition and physicochemical and sensory properties of freeze-concentrated milk made by a newly developed continuous multi-stage process with those of evaporated milk. The freeze concentration process reduced the water content up to 73%. Most of the physicochemical properties of evaporated milk were different from raw milk; however the freeze-concentrated milk showed little difference from the raw milk. The thiobarbituric acid value and free fatty acid concentrations were significantly greater in the evaporated milk than in the freeze-concentrated milk. Several effects on sensory characteristics, such as off-taste, were significantly stronger in the evaporated milk. Overall, this study indicates that the newly developed freeze concentration technique results in improved physicochemical and sensory properties, and has little effect on most nutrient levels when compared with the evaporation process. Further research is necessary to further elucidate the chemical and sensory properties of freeze-concentrated milk.