Aflatoxins, produced mainly by filamentous fungi Aspergillus flavus and Aspergillus parasiticus, are one of the most carcinogenic compounds that have adverse health effects on both humans and animals consuming contaminated food and feed, respectively. Aflatoxin B1 (AFB1) and aflatoxin B2 (AFB2) as well as aflatoxin G1(AFG1) and aflatoxin G2 (AFG2) occur in the contaminated foods and feed. In the case of dairy ruminants, after the consumption of feed contaminated with aflatoxins, aflatoxin metabolites [aflatoxin M1 (AFM1) and aflatoxin M2 (AFM2)] may appear in milk. Because of the health risk and the official maximum limits of aflatoxins, there is a need for application of fast and accurate testing methods. At present, there are several analytical methods applied in practice for determination of aflatoxins. The aim of this review is to provide a guide that summarizes worldwide aflatoxin regulations and analytical methods for determination of aflatoxins in different food and feed matrices, that helps in the decision to choose the most appropriate method that meets the practical requirements of fast and sensitive control of their contamination. Analytical options are outlined from the simplest and fastest methods with the smallest instrument requirements, through separation methods, to the latest hyphenated techniques.