Mycotoxins are secondary metabolites produced by a variety of fungal and mold species. One of the mycotoxin families that is often regarded as the most concerned one in human and animal feeds, is aflatoxin. Aflatoxins produced by Aspergillus species are very toxic and cause significant contamination of food supplies, resulting in serious health repercussions including carcinogenicity. To date, several regulations on aflatoxin permissible level limits have been established in a number of nations. Based on government guidelines and restrictions, consumers and food producers anticipate that aflatoxin contamination in food should not negatively impact human and animal health. Aflatoxin contamination of food commodities poses a consequential risk to humans and is also associated with substantial financial losses. Conventional mycotoxin reduction strategies involve both preventative and decontamination approaches. The present review gives an update on recent research on conventional approaches, including pre‐ and post‐harvest procedures that could potentially be used to decontaminate aflatoxin. Additionally, the current study delves into the source of contamination, global occurrence, impact on human health, and management strategies to assure food security and safety.