The aim of this study was to evaluate the effects of skimmed milk as a recovery drink following moderate–vigorous cycling exercise on subsequent appetite and energy intake in healthy, female recreational exercisers. Utilising a randomised cross-over design, nine female recreational exercisers (19.7 ± 1.3 years) completed a V̇O2peak test followed by two main exercise trials. The main trials were conducted following a standardised breakfast. Following 30 min of moderate-vigorous exercise (65% V̇O2peak), either 600 mL of skimmed milk or 600 mL of orange drink (475 mL orange juice from concentrate, 125 mL water), which were isoenergetic (0.88 MJ), were ingested, followed 60 min later with an ad libitum pasta meal. Absolute energy intake was reduced 25.2% ± 16.6% after consuming milk compared to the orange drink (2.39 ± 0.70 vs. 3.20 ± 0.84 MJ, respectively; p = 0.001). Relative energy intake (in relation to the energy content of the recovery drinks and energy expenditure) was significantly lower after milk consumption compared to the orange drink (1.49 ± 0.72 vs. 2.33 ± 0.90 MJ, respectively; p = 0.005). There were no differences in AUC (× 1 h) subjective appetite parameters (hunger, fullness and desire to eat) between trials. The consumption of skimmed milk following 30 min of moderate-vigorous cycling exercise reduces subsequent energy intake in female recreational exercisers.