The substance takes on a spreadable, sauce-like consistency and derives its rich flavour and colour from non-enzymatic browning.

[9] Apocryphal stories also suggest it was brought to the Americas by important historical figures like Napoleon or Argentinian general Juan Manuel de Rosas.

[9] The most basic recipe calls for slowly simmering milk and sugar, stirring almost constantly until the sugar dissolves (baking soda then can be added), after more constant stirring (between 1.5 – 2 hours) until the mixture thickens and finally turns a rich brown golden-brown colour.

[1][2] Another method of preparation, similar to Russian boiled condensed milk known as "varyonaya sgushchyonka", involves using canned or boxed sweetened condensed milk and cooking it in a pressure cooker for 20 to 25 minutes for a light color and slightly soft consistency, or 40 to 45 minutes for a darker color and firmer consistency.

A small amount of vinegar can be added to the water in the pressure cooker to prevent it from becoming discolored at the bottom.

[14][16] Dulce de leche can be eaten alone, but is more commonly used as a topping or filling for other sweet foods, such as cakes, churros, cookies (see alfajor), waffles, flan cakes (aka crème caramel (known as pudim among Portuguese-speakers) (not to be confused with British pie-like variant of flan), fruits like bananas and candied figs, and ice creams; it is also a popular spread on crepes (panqueques), obleas (wafers), and toast.