Vegetable milks containing antioxidants, fatty acids and vitamins can be recommended as an alternative to animal milks cause some health problems like lactose intolerance and milk protein allergy. Hazelnut oil cake which is a waste from hazelnut oil production cannot be used for human nutrition. Cold press hazelnut cake must be evaluation as food materials. The aim of this study was to evaluate the effect of cold pressed hazelnut cake concentration (5, 10, 15% w/v) and high pressure homogenization (HPH) (up to 100MPa) on the physicochemical, structural and sensory properties of hazelnut milk and also determined the best conditions for hazelnut milk production by TOPSIS approach. Hazelnut milks produced from 15% hazelnut cake had the best physicochemical properties and physical stability, but the sensory properties of the milks were not acceptable due to viscoelastic behaviors. Physicochemical properties, physical stability and sensory characteristics of hazelnut milks were significantly affected by homogenization pressure (P<0.05). Colloidal stability and sensory properties of hazelnut milks were improved by increasing homogenization pressure. The viscosity values of hazelnut milks with 10 and 15% hazelnut cakes were significantly decreased by increasing the homogenization pressure. TOPSIS approach showed that 10% hazelnut cake concentration and 100MPa homogenization pressure was the best condition for an acceptable hazelnut milk production.