The Milky Way candy bar was created in 1923 by Frank Mars - the name being an obvious pun, like the Mars Bar and Galaxy chocolate.
The center of the bar is a slab of chocolate malt-flavored sweetened egg whites, called nougat, which is topped with a layer of caramel. The entire bar is covered in milk chocolate. There is also a version covered in dark chocolate called Midnight.
It is lighter in texture than a Mars Bar, and is advertised as a chocolate bar that "you can eat between meals without ruining your appetite".