Aflatoxins are the most toxic natural mycotoxins discovered so far, posing a serious menace to the food safety and trading economy of the world, especially developing countries. How to effectively detoxify has persistently occupied a place on the list of “global hot‐point” concerns. Among the developed detoxification methods, physical methods, as the authoritative techniques for aflatoxins degradation, could rapidly induce irreversible denaturation of aflatoxins. This review presents a brief overview of aflatoxins detection and degradation product structure identification methods. Four main safety evaluation methods for aflatoxins and degradation product toxicity assessment are highlighted combined with an update on research of aflatoxins decontamination in the last decade. Furthermore, the latest applications, degradation mechanisms and products of physical aflatoxin decontamination techniques including microwave heating, irradiation, pulsed light, cold plasma and ultrasound are discussed in detail. Regulatory issues related to “detoxification” are also explained. Finally, we put forward the challenges and future work in studying aflatoxin degradation based on the existing research. The purpose of supplying this information is to help researchers have a deeper understanding on the degradation of aflatoxins, break through the existing bottleneck, and further improve and innovate the detoxification methods of aflatoxins.

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