The invention relates to an apparatus for preparing and dispensing a beverage such as coffee, tea, milk, chocolate milk, soup or the like, which beverage, if desired, may be at least partly foamed. To that end, the apparatus comprises a foaming chamber (3), provided with an inlet opening (4) for supply of beverage prepared upstream, an outlet opening (6) for dispensing the beverage, and foaming means (8) for foaming beverage fed through the foaming chamber, and dosing means (15) for regulating a beverage flow rate flowing from the foaming chamber (3). The foaming means (8) and outlet opening (6) are preferably displaceable relative to each other, so that the foaming means can close off or clear this opening at least partly and can thus function as dosing means (15). The foaming means (8) can for comprise, for instance, a drive shaft (9, 20) with paddles (10).