The aim of this study was to conduct an up-to-date investigation on the occurrence levels of aflatoxin M1 (AFM1) in samples of raw milk (n = 40), pasteurized milk (n = 44), ultra-high temperature (UHT) milk (n = 27), Minas cheese (n = 57), and yogurt (n = 44) traded in São Paulo state, Brazil. AFM1 was extracted from fluid milks and dairy products using immunoaffinity columns and determined by high performance liquid chromatography. AFM1 was detected at the mean level of 0.080 ± 0.071 µg/L or kg in 72 samples (34.0%) evaluated in the study (n = 212). Detectable levels of AFM1 were observed in five samples of raw milk (12.5%), 16 samples of pasteurized milk (36.4%), 13 samples of UHT milk (48.1%), 27 samples of cheese (47.4%), and 11 samples of yogurt (25.0%), although none of them had concentrations above the maximum permitted levels (MPL) for AFM1 adopted in Brazil. However, 11.7% (n = 13) of samples of raw, pasteurized, and UHT milks would have AFM1 concentrations above the MPL of 0.05 μg/L adopted in the EU. The maximum level was detected in one cheese sample containing 0.695 µg/kg. Although none of the samples exceeded the Brazilian MPL, the high frequencies of AFM1 in Brazilian milk products warrant concern about their contribution to the human exposure to aflatoxins. Because aflatoxins are among the most potent carcinogens known, the results of this trial stress the need for stringent measures in the milk production system to avoid AFM1 in milk and derived products.