Milk is a colloidal system in which:

A colloid is a substance microscopically dispersed evenly throughout another substance. A colloidal system consists of two separate phases: a dispersed phase (or internal phase) and a continuous phase (or dispersion medium) in which the colloid is dispersed. A colloidal system may be solid, liquid, or gas. Milk is an emulsified colloid of liquid butterfat globules dispersed within a water-based solution.