Although dairy products are more exposed to mold growth, dairy substitutes are also at risk. The mold contamination issue in dairy products extends beyond quality concerns, encompassing broader food safety and public health apprehensions. In this regard, investigation of mold occurrence, identification of prevailing molds, and monitoring of aflatoxins levels via ELISA were accomplished on 210 samples of different dairy products and dairy substitutes (30 of each), that were obtained from various markets in El-Fayoum province, Egypt. Molds' highest contamination level was found in Ras cheese (73.3%) with the lowest compliance to the Egyptian Standards (ES), moreover, the lowest one (33.3%) and highest acceptability was found in cream analogue samples. There was a significant difference (p<0.05) between the mean values of Ras cheese and cheese analogue samples, alongside the means of plain yogurt and flavored yogurt samples. Aspergillus spp. was the most isolated mold (54.5%), followed by other species such as Rhizopus (22.8%), Penicillium (13.1%), Mucor (4.8%), Alternaria (3.4%), and Ulocladium (1.4%). Aspergillus flavus characterization by PCR revealed that 100.0% of the isolates were confirmed, while 85.3% harbored the aflatoxin B₁ aflR gene. Aflatoxin M₁ was detected in all the analyzed Ras cheese, 70.0% plain yogurt, 56.7% flavored yogurt, 63.3% milk powder, and 46.7% milk-based cereals samples, with mean values of 89.05±6.21, 63.42±5.04, 48.71±2.65, 51.70±2.55, and 35.22±3.36 ng/kg, respectively. Total aflatoxins were measured in cheese analogue and cream analogue samples with mean levels of 12.32±1.58 and 7.46±0.45 ppb, respectively. A great portion of the evaluated samples contained not only varying levels of Aspergillus spp. contamination, but also their aflatoxins. This necessitates the frequent monitoring of total aflatoxins in dairy substitutes and AFM₁ in dairy products. Moreover, applying strict control measures during various stages of production and processing of such products, as well as the proper handling and storage of animal feed, would reduce mold growth.