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I grew up thinking caramel was something you could only get from a store—or maybe made by a candy expert with a thermometer and a lot of patience. Then I discovered the magic of condensed milk caramel, and everything changed. Condensed milk caramel is the ultimate shortcut. No stirring, no added ingredients, just one can and a little time. The result is a rich, creamy caramel that tastes like you’ve been standing over the stove for hours. I love spooning it over ice cream, layering it into bars, or let’s be honest—eating it straight from the jar.
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Pin ItWhat I love most about this recipe is how ridiculously easy it is. It only calls for one ingredient—just a can of sweetened condensed milk—and that’s it. No stirring, no worrying about burning sugar, no candy thermometer. It’s completely foolproof and totally hands-off, which is exactly the kind of kitchen win I need some days. I usually use the slow cooker when I’ve got time, but the Instant Pot is my go-to when I want caramel now. Unlike a classic caramel sauce, this version is rich and thick, more like a dulce de leche. You can control how dark and deep the flavor gets, and it keeps beautifully in the fridge. It’s perfect for dipping, layering, or enjoying a cheeky spoonful.
Tips for Beginners
- It’s super important that the can of sweetened condensed milk stays completely sealed while it cooks. Opening it beforehand can cause it to explode under pressure.
- I know it’s tempting to crack it open right away, but trust me, wait until the can is fully cooled to avoid any hot caramel or steam burns. I usually let mine cool on a towel on the counter for a few hours or even overnight.
- When the cooking time is up, the can will be hot and slippery. I grab it with a pair of sturdy tongs or use a slotted spoon to carefully lift it out of the water. No burnt fingers here!
Condensed Milk Caramel
Equipment
- 1 6 Qt. Crock-Pot Cook or Instant Pot
Ingredients
- 1 can sweetened condensed milk unopened
Instructions
Slow Cooker
- Remove the label from your can of sweetened condensed milk.1 can sweetened condensed milk
- Place it in your slow cooker.
- Pour in enough warm water to cover and come 2 inches above the can.
- Cover the slow cooker and cook for 8 hours on low.
- Remove the can from the slow cooker with tongs and place in a bowl of cold water for 10 minutes.
- Open and enjoy!
Instant Pot
- Remove the label from your can of sweetened condensed milk.1 can sweetened condensed milk
- Add 1 ½ cups water to your instant pot fitted with the wire rack.
- Place the can onto the rack.
- Cover and cook on high pressure for 45 minutes. Let the instant pot naturally release pressure for 15 minutes then manually release any remaining pressure.
- Remove the can from the slow cooker with tongs and place in a bowl of cold water for 10 minutes.
- Open and enjoy!
Becky’s Tips
- Slow cooker time is 8 hours.
- Instant Pot time is 1.5 hours.
Nutrition information is automatically calculated, so should only be used as an approximation.
Did you make this? Leave a comment!
How to Cook Condensed Milk Caramel Step by Step
Gather the ingredients together.
Prep the can: Remove the label from the can of sweetened condensed milk. Do not open the can.
Slow cooker method: Place the sealed can on its side in the bowl of your slow cooker. Pour in warm water until it covers the can by at least 2 inches.
Cook low and slow: Cover the slow cooker with its lid and cook on low for 8 hours.
Instant Pot method: Add 1½ cups of water to the Instant Pot. Place the metal trivet or wire rack inside and set the can upright on the rack.
Cook in the Instant Pot: Secure the lid and cook on high pressure for 45 minutes. Allow a natural pressure release for 15 minutes, then manually release any remaining pressure.
Remove and cool safely: Use tongs to carefully remove the hot can and place it in a bowl of ice-cold water. Let it cool for at least 10 minutes before handling.
Open and enjoy: Once fully cooled, open the can and use the caramel as desired. Enjoy!
How to Store and Reheat
Once opened, transfer the caramel to an airtight container and store it in the fridge for up to 2 weeks. Don’t refrigerate or freeze the unopened can—just keep it in a cool, dry place until you’re ready to use it. If the caramel thickens or separates slightly in the fridge, just give it a good stir before using, and it’ll be smooth and creamy again.
If you’re already taking the time to make one, go ahead and toss in a couple more. They store well in the fridge (or unopened in the pantry), and it’s so nice to have one ready for last-minute desserts, holiday gifts, or just a little sweet treat when the craving hits.
Serving Suggestions
I love spooning this thick, creamy caramel over a warm brownie or a scoop of vanilla ice cream (melty perfection), but it’s just as amazing swirled into a latte or hot cocoa for a cozy treat. It makes a killer filling for cakes, cupcakes, or millionaire shortbread, and I’ve definitely dipped more than a few apple slices straight from the jar. I also love using this to make caramel pretzels to gift to friends, family, and teachers.
