A machine for making and dispensing cold or ice beverages, such as cool drinks, slushes, sorbets and the like, comprising at least: a containment and processing tank for the product to be dispensed which has a front wall, which is equipped at the bottom of it with a dispensing mouth for dispensing the beverage, a dispenser, located at the beverage dispensing mouth and able to be turned on or off to allow the beverage to be dispensed; a thermal treatment cylinder located inside the containment tank; a stirrer located outside an outer surface of said thermal treatment cylinder and adapted to rotate about a respective axis of rotation; a thermal treatment plant comprising a first exchanger, a second heat exchanger, a pressure reducing unit and a compressor, the first heat exchanger being located inside said thermal treatment cylinder.