Lactose-hydrolyzed milk gains still increasing market share, and understanding the chemical characteristics of lactose-hydrolyzed milk products is important for the dairy industry. The aim of the present study was to identify and compare volatile compounds of commercial lactose-hydrolyzed and conventional ultra-high temperature (UHT) milk. For this purpose, the volatile compounds of lactose-hydrolyzed (<1% lactose), conventional (100% lactose), and filtered (60% lactose) UHT-treated milk were extracted using dynamic headspace sampling and analyzed by gas chromatography-mass spectrometry (GC-MS). A total of 24 volatile compounds were identified including ketones, aldehydes, and sulfides. Overall, principal component analysis (PCA) showed grouping of the different milk types, with loadings indicating a higher concentration of ketones in conventional versus lactose-hydrolyzed UHT milk, but PCA also indicated a marked batch-to-batch variation. Elucidation of individual volatile compounds detected also revealed that the content of ketones in general was higher in conventional UHT milk than in lactose-hydrolyzed milk; however, no significant differences in the volatile compound profiles could be identified between the various milk types as a result of the batch-to-batch variation. The present study highlights a useful analytical method based on dynamic headspace sampling and GC-MS to profile volatiles important for the flavor characteristics of lactose-hydrolyzed and conventional UHT milk. In addition, the present study reveals that a considerable batch-to-batch variation exists in industrially produced batches of lactose-hydrolyzed UHT milk, which must be considered an important challenge for the dairy industry.