The effect of the high-pressure homogenization (HPH) process (one-stage; applied pressure of 10 MPa and 20 MPa) and furcellaran addition (0.25% and 0.50%, w/w) on the physicochemical and rheological properties of chocolate milk drinks was evaluated. Non-homogenized samples and the milk sample used to produce all model chocolate milk drink samples were also evaluated for comparison. The addition of furcellaran and the HPH process significantly influenced the monitored characteristics of the model samples. In particular, the addition of furcellaran caused an increase in shear stress and viscosity, and HPH also had a noticeable effect on these rheological properties. From the results obtained, it can be concluded that the model samples of chocolate milk drinks exhibited a pseudoplastic behavior. Furthermore, the results of the physicochemical analyses showed a slight increase in dry matter and total soluble solids contents due to furcellaran addition. The solid particle sedimentation values of the tested samples decreased due to furcellaran addition (up to 11.99%.). In addition to the effect on rheological properties, the HPH regime slightly increased the sample’s pH values (6.80–6.81). The application of HPH and furcellaran addition may appear advantageous in manufacturing chocolate milk drinks (or dairy-based suspensions) with enhanced physical, flow and sensory properties.