The aim of this study was to monitor the aflatoxin M1(AFM1) contamination in raw milk and drinking milk in Hungary over a one-year period. A total of 474 milk samples of raw milk (n = 278) and commercial milk (n = 196) were collected and analysed between September 2021 and November 2022. Enzyme-Linked Immunosorbent Assay (ELISA) determined the concentration of AFM1. It was found that 68.7% (191/278) of the raw cow milk samples were contaminated by AFM1 in the range 5.0–173 ng/L, the mean of the positive samples was 30.7 ± 24.7 ng/L, and the median was 21.8 ng/L. The percentage of contamination in drinking milk was 79.1% (155/196). The mean, median, and range of the positive samples were 18.0 ± 10.9 ng/L, 16.18 ng/L, and 5.3–100 ng/L, respectively. Overall, 9.4% (26/278) of raw milk samples and only 1 commercial milk sample of 196 (0.5%) contained AFM1 exceeding the maximum residue level (MRL) of 50 ng/L set by the European Union. Our study suggests that based on calculated AFM1-related health risk indicators, the Hungarian adult population are not exposed to high levels of AFM1, but regular monitoring of aflatoxins is necessary not only for dairy farmers but also for the milk processing sectors.