The association between asexual development and aflatoxin production in Aspergillus parasiticus is reviewed. Aflatoxin does not appear to be a product of asexual development. The ability to sporulate and to produce aflatoxin are not mutually exclusive of each other. The environment regulates the asexual development and aflatoxin production. The initial inoculum level will affect the competence time and the time of initiation of aflatoxin production. The time of initiation of aflatoxin production is independent of the initial composition of the medium, in contrast to the onset of sporulation which is dependent on the medium.