The Juventus player, 30, picked up the injury during a 3-1 friendly win for the Poles against Ukraine in Warsaw on Friday.
"During the friendly match against Ukraine, the Polish national team suffered a number of injuries, one of which - that of Arkadiusz Milik - unfortunately proved serious enough to exclude the footballer from the final tournament of the European Championships," said the PZPN in a statement on its website.
"The player will return to his club and will undergo an arthroscopy of the knee joint."
During the match against fellow Euro 2024 participants Ukraine, Polish players Nicola Zalewski, Michal Skoras, Bartosz Salamon, Jakub Kiwior and Kacper Urbanski also picked up knocks.
Poland begin their Euro campaign against the Netherlands on June 16th, before also taking on Austria five days later and completing their Group D matches against France on June 25th.
