Polycyclic aromatic hydrocarbons (PAHs) are a large group of carcinogenic compounds. PAHs are ubiquitous in the environment and food, thus human beings may be exposed to PAHs through ingestion (water and food), inhalation (air and smoking), and skin contact in daily life. Dietary intake is the major source of exposure to PAHs in humans. Significant and harmful levels of PAHs can be generated during food processing and cooking. Although the formation of PAHs during processing is almost unavoidable, the levels can be diminished with reduction strategies. This review aims to provide comprehensive insights into the mechanisms underlying the formation of PAHs and factors influencing their formation in processed foods. The strategy for the reduction of PAHs including change in ingredients (i.e., reducing fat content), pretreatment conditions (i.e., reducing the pH), processing methods and parameters (i.e., reducing processing temperature and time), and packaging and storage conditions, are discussed. Potential novel strategies for PAH reduction are also identified and the feasibility is evaluated.