Mycotoxins are toxic compounds that are formed as secondary metabolites by some fungal species that contaminate crops during pre- and postharvest stages. Exposure to mycotoxins can lead to adverse health effects in humans, such as carcinogenicity, mutagenicity, and teratogenicity. Hence, there is a need to develop analytical methods for their determination in vegetable oils that possess high sensitivity and selectivity. In the current review (116 references), the recent developments, current challenges, and perspectives in sample preparation techniques and chromatographic determination are summarized. It is impressive that current sample preparation techniques such as dispersive liquid-liquid microextraction (DLLME), quick, easy, cheap, rugged, and safe method (QuEChERS) and solid phase extraction (SPE) have exhibited high extraction recoveries and minimal matrix effects. However, a few studies have reported signal suppression or enhancement. Regarding chromatographic techniques, high sensitivity and selectivity have been reported by liquid chromatography coupled to fluorescence detection, tandem mass spectrometry, or high-resolution mass spectrometry. Furthermore, current challenges and perspectives in this field are tentatively proposed.