In this study, the effect of milk freezing was studied, focusing on the changes in 1% and 3% fat UHT hydrolyzed-lactose milk after slow- (−20°C) and fast-rate freezing (−80°C) for 72 h. Changes on the sensory properties were first assessed by discriminant analysis (triangle test), and then by volatile organic compounds and color analysis. The milk emulsion stability was characterized by optical centrifugation, particle size analysis, and confocal microscopy. The sensory panel was not able to distinguish the milk subjected to freezing from the control (72 h at 20°C). The volatile organic compounds and color analysis demonstrated that both freezing rates did not cause any significant changes in the milk aroma or color characteristics. The results of physical properties confirmed that short-time freezing did not lead to a distinct destabilization, except for a slight increase in the mean particle diameter at −80°C. Taking all the results together, UHT hydrolyzed-lactose milk was not significantly altered during the operation of freezing and thawing and, therefore, short-time freezing at both −20°C and −80°C can be used for milk storage without altering the product.