According to a method for preparing and dispensing milk foam a drink made of powdered milk of self-dissolving drink preparation powder, improved milk foam not directly consumed from a preparation vessel (6) is intended to be foamed easily. To this end, at least one hot water stream (2a) is applied to the milk powder or drink preparation powder in the above open or opened preparation vessel (6), in particular a foaming vessel, said hot water stream flowing out of a hot water channel under hot water pressure. The preparation vessel (6) is fixed. The milk foam (22) or drink so prepared in the preparation vessel automatically flows, i.e. merely by way of the effect of the hot water stream and the force of gravity, from the preparation vessel (6) through a laterally and/or downwardly led discharge of the preparation vessel or through an outlet spout to a collection vessel (4), preferably a cup or a glass.