The shear flow and solid–liquid transition of mixed milk protein dispersions with varying concentrations of casein micelles (CMs) and serum proteins (SPs) are integral to key dairy processing operations, including microfiltration, ultrafiltration, diafiltration, and concentration–evaporation. However, the rheological behavior of these dispersions has not been sufficiently studied. In the present work, dispersions of CMs and SPs with total protein weight fractions (ωPR) of 0.021–0.28 and SP to total protein weight ratios (RSP) of 0.066–0.214 and 1 were prepared by dispersing the respective protein isolates in the permeate from skim milk ultrafiltration and then further concentrated via osmotic compression. The partition of SPs between the CMs and the dispersion medium was assessed by measuring the dry matter content and viscosity of the dispersion medium after separating it from the CMs via ultracentrifugation. The rheological properties were studied at 20 °C via shear rheometry, and the sol–gel transition was characterized via oscillatory measurements. No absorption of SPs by CMs was observed in dispersions with ωPR = 0.083–0.126, regardless of the RSP. For dispersions of SPs with ωPR ≤ 0.21, as well as the dispersion medium of mixed dispersions with ωPR = 0.083–0.126, the high shear- rate-limiting viscosity was described using Lee’s equation with an SP voluminosity (vSP) of 2.09 mL·g−1. For the mixed dispersions with a CM volume fraction of φCM ≤ 0.37, the relative high shear-rate-limiting viscosity was described using Lee’s equation with a CM voluminosity (vCM) of 4.15 mL·g−1 and a vSP of 2.09 mL·g−1, regardless of the RSP. For the mixed dispersions with φCM > 0.55, the relative viscosity increased significantly with an increasing RSP (this was explained by an increase in repulsion between CMs). However, the sol–gel transition was independent of the RSP and was observed at φCM ≈ 0.65.