This review (with 163 refs) covers the recent developments of nanomaterial-based optical and electrochemical sensors for mycotoxins. The review starts with a brief discussion on occurrence, distribution, toxicity of mycotoxins and the legislations in monitoring their levels. It further outlines the research methods, various recognition matrices and the strategies involved in the development of highly sensitive and selective sensor systems. It also points out the salient features and importance of aptasensors in the detection of mycotoxins along with the different immobilization methods of aptamers. The review meticulously discusses the performance of different optical and electrochemical sensors fabricated using aptamers coupled with nanomaterials (CNT, graphene, metal nanoparticles and metal oxide nanoparticles). The review addresses the limitations in the current developments as well as the future challenges involved in the successful construction of aptasensors with the functionalized nanomaterials. [Figure not available: see fulltext.]. © 2019, Springer-Verlag GmbH Austria, part of Springer Nature.