Yeast is a large class of unicellular eukaryotic microorganism and widely used in food brewing and industrial biotechnology for the production of ethanol, protein, and organic acid. Recent studies have revealed that yeast also has the function biological detoxification and the application prospects in the field of environmental protection, food and feed. Based on this, the review summarized the latest research advances on yeast biological detoxification. The harmfulness of common mycotoxins in food and feed and the detoxification methods were introduced first and then the application of different yeast strains in attenuating or eliminating mycotoxins (aflatoxin, ochratoxin A, patulin, zearalenone, and deoxynivalenol) was summarized. The mechanism of biological detoxification mediated by yeast beta-glucan and glycoprotein was introduced, and the detoxification effect of Saccharomyces cerevisiae and Yarrowia lipolytica on bacterial endotoxin and the possible mechanism were also summarized. Finally, the detoxification effect of yeast on heavy metals and other pollutants and the possible mechanism were introduced, and the research of yeast biological detoxification was prospected.