Aflatoxins are a group of naturally occurring carcinogenic mycotoxins produced by certain Aspergillus species in nuts, grains, oilseeds and vegetables. Ingestion of aflatoxin contaminated food and feed has extremely negative health implications in humans and livestocks. Additionally, exporting countries face the trade barrier due to strict regulations in international market to maintain food quality. This led to huge economic losses to global exporters. Therefore, there is an urgent need for development of effective methods for detoxification of aflatoxins from food and feed to ensure food security. Till date, numerous methods for detoxification of aflatoxins from foods have been employed. Physical, chemical and biological treatment are the novel promising approaches for partial/complete detoxification of aflatoxins from the foodstuffs. In this chapter, we will address the efficacy and shortcomings of each methods in with respect to economic importance, human health and food security.