Condensed milk is cow’s milk with most of its water removed and sugar added to sweeten it and aid in preservation. It’s sold in cans, in which it can last for years without refrigeration. It has a rich dairy flavor that adds an ice-creamy quality to shaken and blended cocktails.
“Condensed milk” and “sweetened condensed milk” are used interchangeably because there isn’t really such a thing as unsweetened condensed milk; the closest thing would simply be evaporated milk.