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Food security and safety are essential global issues that require collaboration from governments, private industry, and individuals to ensure there is enough safe and nutritious food to meet the needs of a growing population. The three main elements impacting food security and safety are the availability of food, access to safe food, and the utilization of food for a healthy life. Aflatoxins, harmful mycotoxins produced by certain fungi, damage a significant proportion of the world’s food supply, which is a factor in food insecurity. Effective strategies to prevent and manage aflatoxin contamination in crops include promoting sustainable and diversified agricultural practices, improving crop management, post-harvest handling and storage, and strict regulation and monitoring of food quality and safety. To date, there have been 20 different types of aflatoxins identified, with B1, B2, G1, and G2 being the most prevalent and dangerous. To mitigate the impact of aflatoxins, it is important to understand the mechanisms of contamination, the impact of aflatoxins, and the management strategies that can be employed to reduce contamination. An updated review on aflatoxin contamination, its impact and management strategies can provide valuable information for researchers, policymakers, and food safety professionals.