An apparatus for dispensing milk-based beverages comprises a milk container (4), a pump (8) for conveying the milk from the milk container (4) to a milk outlet (20), supply means (13, 14) for supplying at least one flavoring agent to the milk and means for mixing the at least one flavoring agent with the milk. To this end, a coolable cabinet (2), into which the milk container (4) can be inserted, is arranged in a housing (1). Via a hose line (7), the milk in the milk container (4) reaches a mixing apparatus (9) in a meterable quantity, conveyed by the pump (8) disposed in the hose line (7). At least one flavoring agent is able to be additionally supplied in a metered manner into the mixing apparatus via the supply means (13, 14), and is able to be mixed with the milk; the mixed beverage thus obtained reaches, via an outlet (20), a vessel (21) which can be provided beneath this outlet (20). Flavored cold milk-based beverages can thereby be produced in an optimal way.