Directed by comedy veteran Leo McCarey, the film was written by Grover Jones, Frank Butler and Richard Connell based on a play of the same name by Lynn Root and Harry Clork that was presented on Broadway in 1934.

An example of the popular screwball comedy genre of the time, and critically Harold Lloyd's most successful talkie, it tells the story of a Brooklyn milkman who becomes middleweight boxing champion.

The Milky Way features supporting performances by Adolphe Menjou and Verree Teasdale and marks the film debut of Anthony Quinn with a small uncredited role.

The Milky Way had originally been optioned as a vehicle for Jack Oakie with Edward Everett Horton and Gertrude Michael in the main supporting roles, but when Oakie was replaced with Harold Lloyd, the role of the manager was to go to William Frawley, because studio executives felt that Lloyd and Horton were too similar in comic style.

[2] Writing for The Spectator in 1936, Graham Greene provided a positive review, giving particular praise to Harold Lloyd and Adolphe Menjou.