In this study, a total of 150 random samples of flavored milk (75 for UHT and 75 for powdered form) including banana, strawberry and chocolate (25 samples each) were collected from different dairy shops and supermarkets in Assiut city, Egypt. The samples were evaluated mycologically, in addition to aflatoxins detection using thin layer chromatography (TLC) and enzyme-linked immunosorbent assay (ELISA). The obtained results showed that 33.33 and 49.33% of the examined UHT and powdered milk samples contained molds, respectively; with average counts of 28.33 and 56.67 cfu/g, respectively. The most isolated molds were Aspergillus species, followed by Pencillium species then Alternarea species and Cladosporium species. Regarding the aflatoxins production, 2 out of 5 (40%) and 8 out of 16 (50%) of A. flavus strains produced variable levels of aflatoxins that were isolated from the examined UHT and powdered milk samples, respectively. The toxogenic A. flavus strains produced AFB1 and AFB2 with mean values of 0.88±0.13 and 1.2±0.18 ppb, respectively. The mean concentrations of AFM1 in the examined UHT and powdered milk samples were 2.01±0.02 and 1.72±0.28 ppt, respectively; and these estimated levels were above the permitted level of the Egyptian standard regulations and below the tolerated levels of the European countries. The public health hazard of aflatoxins was discussed.