Mycotoxins are important pollutants that have long been a serious problem of food security, especially for cereal crops. Therefore, the detection and degradation of mycotoxins has always been a focus of food safety research. According to the existing research, the main degradation methods are physicochemical and biological methods. In addition, a variety of synergistic degradation methods have emerged with a diversified trend. Therefore, the recent research efforts in different strategies used to control the contamination of various mycotoxins in food and other products were reviewed in this article, aiming to further promote the application of more convenient and efficient mycotoxin degradation methods to the relevant food fields, to reduce the impact of degradants on food quality, and to inspire new mycotoxin degradation methods. The corresponding toxin production mechanisms were analyzed, and the advantages and disadvantages of various methods to prevent and control mycotoxins at present were discussed. At the same time, the future development trend of mycotoxin degradation methods in food industry was prospected, and new research points were put forward.