Folate is one of the water-soluble B-vitamins and is an essential micronutrient required as a coenzyme in the human body’s one-carbon metabolism. A good folate status is linked to several health benefits, for example, reduced risk for neural tube defects, other malformations during pregnancy, and coronary heart disease. Leafy green vegetables are rich in folate, while dairy products are considered as only moderate folate sources. Processing and storage can affect folate content. The average intake of dietary folate, as epidemiologic data show, is half the recommendation in countries with no mandatory fortification policy. This article aims to briefly present the chemistry, physiological functions, and health-protective role of folates. A short overview on analytical methods is given. Thereafter, data on the folate content of milk and dairy products are presented, and the effects of processing are discussed briefly. With emphasis to dairy products, research findings in connection with folate bioavailability and folic acid fortification are summarized.