Aflatoxins, including aflatoxin B1, B2, G1, G2, M1, and M2, are one of the major types of mycotoxins that endangers food safety, human health, and contribute to the immeasurable loss of food and agricultural production in the world yearly. In addition, aflatoxin B1 (AFB1) mainly produced by Aspergilus sp. is the most potent of these compounds and has been well documented to cause the development of hepatocellular carcinoma in humans and animals. This paper reviewed the detoxification and degradation of AFB1, including analysis and summary of the major technologies in physics, chemistry, and biology in recent years. The chemical structure and toxicity of the transformed products, and the degradation mechanisms of AFB1 are overviewed and discussed in this presented review. In addition to the traditional techniques, we also provide a prospective study on the use of emerging detoxification methods such as natural products and photocatalysis. The purpose of this work is to provide reference for AFB1 control and detoxification, and to promote the development of follow-up research.