A drink based on oats has been developed with new technology. In this study the effects of this oat milk, soya milk and cow’s milk on plasma lipid, glucose, insulin, and antioxidant status (measured as the ability of serum to suppress the formation of the radical cation ABTS·+) were compared in 24 healthy men and women. Half of the subjects (group A) consumed 0.75–1 liters/day of oat milk and soya milk for 4 weeks each, and the other half (group B) consumed oat milk and cow’s milk for two 4-week periods. In the combined groups A plus B the oat milk regimen resulted in decreased plasma cholesterol (4%) and low-density lipoprotein (LDL) cholesterol (9%) levels as compared with baseline, but no changes in high-density lipoprotein cholesterol (HDL) and triglyceride values were observed. Also soya milk consumption resulted in decreased LDL cholesterol concentrations. The only significant plasma lipid change observed during consumption of cow’s milk was an increase in HDL cholesterol. No consistent changes in body weight, fasting blood glucose, serum insulin, and antioxidant status occurred after consumption of any milk regimen. A significant correlation between baseline antioxidant status and total plasma cholesterol was found (r = –0.56). It is proposed that the high content of β-glucans in oat milk was responsible for the decreased plasma cholesterol and LDL cholesterol concentrations, but the effect could also be due to a replacement of saturated fat in the customary diet by unsaturated fat. It is concluded that oat milk can be used as an alternative to other milk drinks by subjects who would benefit from reduced LDL cholesterol values.