Clean label food is a rising consumer trend in the food industry. Milk protein concentrate (MPC) and reduced-calcium milk protein concentrate (RCMPC) could serve as natural emulsifiers and increase the total protein content of ice cream products. The objectives of this study were to determine and compare the effects of MPC and RCMPC on ice cream composition, mix viscosity, storage stability, meltdown rate, and texture. A base formulation with 3% non-fat dry milk (NFDM) and no added emulsifiers was set as the control. Three levels of MPC or RCMPC (each powder containing 85% protein) at 1%, 2%, and 3% were incorporated by replacing equivalent amounts of NFDM and keeping other ingredients unchanged. All ice cream treatments were processed with a target overrun of 70% and hardened at −25 °C in a blast freezer. Additions of MPC or RCMPC at 1%, 2%, and 3% corresponded to increases in protein content of ice cream by 15%, 30%, and 45%, respectively. The viscosity of the ice-cream mix increased with increasing levels of MPC or RCMPC. In general, higher protein samples had slower meltdown rate and higher values of hardness and adhesiveness, but the trends were inconsistent. No shrinkage in volume was observed in any ice cream stored at −25 °C after 180 days. However, an additional storage stability study revealed that the control showed significant shrinkage after 60 days (−6.5% ± 1.5%), 90 days (−7.1% ± 1.8%), and 180 days (−7.9% ± 1.1%) in a typical household-style freezer at −13 °C. MPC at 1% also showed significant shrinkage after 180 days, while samples with RCMPC at any levels showed no shrinkage at all. Ice cream manufacturers may consider MPC and RCMPC natural alternatives to synthetic emulsifiers, with RCMPC being more effective than MPC in terms of ice cream storage stability.