Milk is an emulsion.
Colloids: A colloid is a heterogeneous mixture in which the size of the particles is so small that the particles cannot be seen with the naked eye.
Emulsion: A type of colloid in which the dispersed phase is a liquid and the dispersion medium is also a liquid.
Dispersed phase: The phase which consists of the colloidal particles present in a smaller quantity. In milk, liquid fat globules are the dispersed phase.
Dispersion medium: The phase in which the particles are dispersed and are present in a larger quantity. In milk, water is the dispersion medium.
Hence, the given statement is true.