This study investigated whether brewer’s spent yeast (BSY) is suitable as an ingredient for preparing a milk alternative. To remove the bitter taste of BSY, it was washed with sodium hydroxide (NaOH). Subsequently, 2.09±0.12 g/100 mL of protein was extracted from BSY by autolysis and the emulsification activity index and emulsification stability index of the extract were 2.90±0.12 m2/g and 46.82±2.05%, respectively. BSY milk was prepared by high-speed homogenization of the extract and oil using a sugar ester. Emulsion stability was measured through the creaming index and turbidity. When canola oil and avocado oil were used, the emulsion was stable when the hydrophilic-lipophilic balance (HLB) value was 5. When coconut oil was used, the emulsion was most stable when the HLB value was 8. Most of the fat globules in the three samples were less than 2 μm in size. Viscosity was measured at 4°C and 25°C. There was no significant difference in viscosity between whole milk and all three samples. The color lightness and yellowness values were lower than those of whole milk, and there was no significant difference in redness values.