The demand for protein sources alternative to soybean meal for supplementing forages low in metabolizable protein is large. The suitability of spirulina (Arthrospira platensis), a fast growing and resource-efficient blue-green microalga, as a source of metabolizable protein for dairy cows is known, but its effects on milk antioxidants and sensory properties were never investigated. Twelve cows were allocated to 2 groups and fed hay-based diets complemented with sugar beet pulp and wheat flakes in individual feeding troughs. The N content per kilogram of DM was equivalent between the 2 diets. Diet of 1 group was supplemented with 5% spirulina; the second group was supplemented with 6% soybean meal (control). After an adaptation period of 15 d, data were collected, and feed, milk, blood, and rumen fluid were sampled. Feeds were analyzed for proximate contents, and blood plasma was analyzed for total antioxidant capacity and antioxidant contents (tocopherol, phenols). Milk samples were analyzed for fatty acid profile, coagulation properties, color, and contents of fat, protein, lactose, total phenols, lipophilic vitamins, and provitamins (e.g., β-carotene). Triangle tests were performed by a trained sensory panel on 6 homogenized and pasteurized bulk milk samples per treatment. The substitution of soybean meal by spirulina in the diet did not affect feed intake, milk yield, milk fat, protein, or lactose contents compared with the control group. However, the milk from the spirulina-fed cows had a higher content of β-carotene (0.207 vs. 0.135 μg/mL) and was more yellow (b* index: 14.9 vs. 13.8). Similar to the spirulina lipids but far less pronounced, the milk fat from the spirulina-fed cows had a higher proportion of γ-linolenic acid (0.057 vs. 0.038% of fatty acid methyl esters) compared with milk fat from soybean meal-fed cows. Also trans-11 C18:1 (vaccenic acid) and other C18:1 trans isomers were elevated, but otherwise the fatty acid profile resembled that of cows fed the control diet. No sensory difference was found between milk from the 2 experimental groups. Furthermore, we observed no effects of substituting soybean meal by spirulina on total antioxidant capacity, α-tocopherol and total phenols in blood and milk. Effects on rumen fluid characteristics were minor. In conclusion, spirulina seems to be a promising protein source for dairy cows with certain improvements in nutritionally favorable constituents in milk and without side-effects on animal performance in the short term.