The present study aimed to compare the microstructure, physical, and mechanical properties of three commercially available dental polychromatic multilayer zirconia materials of uniform composition: Dima Mill Zirconia ML, VITA YZ/ST Multicolor, and VITA YZ/XT Multicolor (with 3, 4, and 5 mol% Y2O3, respectively); thus, the influence of Y2O3 content on the above properties of the produced materials was experimentally studied. Homogeneous zirconia ceramics with a dense micro‐ and nanostructure, without pores or defects, were produced after milling the blocks and sintering, which resulted in yttrium‐stabilized tetragonal and cubic zirconia. Statistical analysis of the results of measurable magnitudes was performed by the one‐way ANOVA test. The increase of Y2O3 content (from 3 to 5 mol%) favored larger grain and crystallite sizes and a decrease of the values of the mechanical properties; yet, the differences were statistically insignificant. Clinically, these differences are expected to have no impact on their function in the oral cavity, both in terms of their fracture propensity and the damage that can be caused to the opposing teeth. Accordingly, the experimental results qualify the polychromic multilayer zirconia ceramics of uniform composition fabricated by milling technology for use in dental restorations.