Acrylamide, a thermal process contaminant, is generated in carbohydrate-rich foods processed at high temperatures (above 120 °C). Since acrylamide indicates a human health concern, the acrylamide contents of various foods and the dietary exposure of the population to acrylamide are very well investigated. Commonly consumed foods in the daily diet of individuals such as bakery products, potato products and coffee are major dietary sources of acrylamide. In recent years, dietary exposure levels of the population and mitigation measures for reducing acrylamide in different food products have gained importance to decrease the public’s exposure to acrylamide. Since the complete elimination of acrylamide in foods is not possible, various mitigation measures to reduce acrylamide to levels as low as reasonably achievable have been developed and applied in the food industry. Mitigation strategies should be applied according to the different product categories during agricultural production, formulation, processing and final consumer preparation stages. The aim of this review is to evaluate formulation and processing strategies to reduce acrylamide in various cereal-based food products and to discuss the applicability of mitigation measures in the food industry by taking into consideration the organoleptic properties, nutritional value, cost and regulations in the light of current knowledge.