The implementation of low‐cost and rapid technologies for the on‐site detection of mycotoxin‐contaminated crops is a promising solution to address the growing concerns of the agri‐food industry. Recently, there have been significant developments in Surface‐enhanced Raman spectroscopy (SERS) for the direct detection of mycotoxins in food and feed. This review provides an overview of the most recent advancements in the utilization of SERS through the successful fabrication of novel nanostructured materials. Various bottom‐up and top‐down approaches have demonstrated their potential in improving sensitivity, while many applications exploit the immobilization of recognition elements and molecular imprinted polymers (MIPs) to enhance specificity and reproducibility in complex matrices. Therefore, the design and fabrication of nanomaterials is of utmost importance and are presented herein. We uncover that limited studies establish limits of detection (LODs) or conduct validation using naturally contaminated samples. One decade on, SERS is still lacking significant progress and there is a disconnect between the technology, the European regulatory limits, and the intended end‐user. Ongoing challenges and potential solutions are discussed including nanofabrication, molecular binders, and data analytics. Recommendations to assay design, portability, and substrate stability are made to help improve the potential and feasibility of SERS for future on‐site agri‐food applications.This article is protected by copyright. All rights reserved