Cereal products are one of the main sources contributing to the exposure to acrylamide and, therefore, it is important to control its occurrence to reduce the dietary exposure and risk on human health. The formation of acrylamide will be associated to the levels of precursors, the food matrix, and the type and extent of the thermal process applied. In this review, acrylamide formation in cereal-based foods, mitigation strategies, risk/ benefits evaluation, risk/benefit evaluation, and legislative aspects are presented. The evaluation of the presence of acrylamide-forming precursors of new ingredients added to innovative formulations of cereal products is critically reviewed, including a risk/benefit assessment when developing novel cereal-based foods.