Mycotoxin contamination of food crops is a global challenge due to their unpredictable occurrence and severe adverse health effects on humans. Therefore, it is of great importance to develop effective tools to prevent the accumulation of mycotoxins through the food chain. The use of magnetic nanoparticle (MNP)‐assisted biosensors for detecting mycotoxin in complex foodstuffs has garnered great interest due to the significantly enhanced sensitivity and accuracy. Within such a context, this review includes the fundamentals and recent advances (2020–2023) in the area of mycotoxin monitoring in food matrices using MNP‐based aptasensors and immunosensors. In this review, we start by providing a comprehensive introduction to the design of immunosensors (natural antibody or nanobody, random or site‐oriented immobilization) and aptasensors (techniques for aptamer selection, characterization, and truncation). Meanwhile, special attention is paid to the multifunctionalities of MNPs (recoverable adsorbent, versatile carrier, and signal indicator) in preparing mycotoxin‐specific biosensors. Further, the contribution of MNPs to the multiplexing determination of various mycotoxins is summarized. Finally, challenges and future perspectives for the practical applications of MNP‐assisted biosensors are also discussed. The progress and updates of MNP‐based biosensors shown in this review are expected to offer readers valuable insights about the design of MNP‐based tools for the effective detection of mycotoxins in practical applications.