Milk represents nutrition while honey is associated with sweetness. The Land of Israel offers both physical and spiritual nourishment achieved with an accompaniment of sweetness.
During a visit to the Bnei Brak of Talmudic times the Sage Rami bar Yechezkel observed a scene that offered him a graphic understanding of the meaning of a "land of milk and honey".
He saw goats grazing beneath fig trees. The honey oozing from the very ripe figs merged with the milk dripping from the bountiful goats to form a large stream of milk and honey.