Public health concerns are rising regarding potential mycotoxin contamination in processed cereal-based products consumed by infants and young children. Due to their developing physiological systems and greater vulnerability, children are particularly susceptible to the adverse health effects of mycotoxins. This study investigated the presence of a wide range of mycotoxins (20 in total, encompassing various chemical classes, such as aflatoxins, ochratoxins, trichothecenes, zearalenones, fumonisins, citrinin and sterigmatocystin) in readily available processed cereal-based foods targeted towards infants and children in Portugal. Among the 148 analysed samples, 43% contained at least one of the targeted mycotoxins. Aflatoxin B1 (8.1%) and fumonisin B1 (10.8%) were the most commonly detected regulated mycotoxins, while emerging mycotoxins like enniatin B (14.9%) and beauvericin (10.1%) were also prevalent. The most commonly co-occurring mycotoxins were ENNB + BEA and FB1 + FB2. Although the Estimated Daily Intake of non-carcinogenic mycotoxins in most products was below their respective Tolerable Daily Intake (DONs and FBs (1 μg/kg bw/day), HT-2 and T-2 (0.02 μg/kg bw/day), ZEN (0.25 μg/kg bw/day), and CIT (0.2 μg/kg bw/day)), Hazard Quotient and Hazard Index values exceeded safe thresholds, indicating potential health risks.