Safety concerns pertaining towards fungal occurrence in oil commodities have been a significant threat to human health. In this research, magnetic composite adsorbents were fabricated for the removal of aflatoxin B1 (AFB1) from contaminated oils. To this goal, graphene oxides (GO) were synthesized using Hummer's method, and graphenes (rGO) were obtained by the reduction of GO by sodium borohydride. Thereafter, magnetic graphene oxides (MGO) and magnetic graphenes (MrGO) were prepared by coprecipitation of iron oxides on GO and rGO nanosheets, respectively. The as-prepared MGO and MrGO were characterized by SEM, TEM, FT-IR, XRD, VSM, and nitrogen adsorption-desorption techniques. Results showed that MGO had two-dimensional layered nanostructure with many wrinkles on its surface, and the Fe3O4 nanoparticles were essentially encapsulated onto the composite. The adsorption behaviors for the composite adsorbents especially for the removal of AFB1 from contaminated oils were systematically explored by varying adsorbent dosage, contact time, adsorption temperature and initial AFB1 concentration. The MGO adsorbent could have great potential in the application of AFB1 removal from contaminated oils, with the merits of facile magnetic separation and high removal efficiency. However, the removal process also causes a loss of the triglyceride, pigment, and beneficial micronutrients in the oil feedstocks.