Contents: 1. Introduction 2. Chemistry of Secondary Fungal Metabolites 3. Factors Influencing the Conversion of Aflatoxin B1 to Aflatoxin M1 4. Status of Aflatoxin in Feed and Milk 5. Carry-Over of Aflatoxin in Milk and Milk Products 6. Effect of Processing of Milk and Milk Products on Aflatoxins 7. Analysis of Aflatoxin in Feed and Milk and Milk Products