Nanomaterial-embedded sensors have been developed and applied to monitor various targets. Mycotoxins are fungal secondary metabolites that can exert carcinogenic, mutagenic, teratogenic, immunotoxic, and estrogenic effects on humans and animals. Consequently, the need for the proper regulation on foodstuff and feed materials has been recognized from times long past. This review provides an overview of recent developments in electrochemical sensors and biosensors employed for the detection of mycotoxins. Basic aspects of the toxicity of mycotoxins and the implications of their detection are comprehensively discussed. Furthermore, the development of different molecular recognition elements and nanomaterials required for the detection of mycotoxins (such as portable biosensing systems for point-of-care analysis) is described. The current capabilities, limitations, and future challenges in mycotoxin detection and analysis are also addressed.