Dairy products, characterized by rich nutrition and unique flavor, occupy an increasing share of the human diet with the development of higher living standards. However, trace hazardous contaminants in dairy products, such as polycyclic aromatic hydrocarbons (PAH), are arousing public concern. In this study, we investigated 82 milks and milk powders from Shanghai markets for the occurrence of 20 PAH, including 16 European Union priority (EU 15+1) PAH and 4 derivatives. Furthermore, we carried out a risk assessment of dietary exposure of PAHs from dairy products based on detection results and data on body weight and dietary intake obtained from questionnaires. Two assessment methods were used in this study: the incremental lifetime cancer risk (ILCR) and margin of exposure (MOE) methods. The ILCR of all age groups was 10 to 10, indicating a potential but acceptable carcinogenic risk. The MOE of the 4 groups (divided by age and sex) was >10, indicating no significant carcinogenic risk of PAH exposure from dairy products. In both methods, children had the highest risk because of their greater consumption of dairy products, followed by seniors, young adults, and middle-aged adults. Results of this study provide reference data on the exposure level and health risk of PAHs from dairy product intake.