The antifungal and antiaflatoxigenic activity of Thymus vulgaris essential oil (EO) against Aspergillus flavus was evaluated over a range of concentrations in vapor- and liquid-phase contact tests. Total reduction in mycelial growth in the vapor- and liquid-phase tests was detected at EO concentrations of 20 and 400 μg/mL, respectively. Treatment with 10 μg/mL EO reduced aflatoxin production by 97.0 and 56.4% in the vapor- and liquid-phase tests, respectively. Greater inhibition of the expression of both fungal development-related genes (brlA, abaA, and wetA) and aflatoxin biosynthesis-related genes (aflR, aflD, and aflK) was also observed in the vapor-phase test. A substantial reduction in aflatoxin production was also observed in brown rice (72.7%) and white rice (18.0%). Our results indicate that the way this EO contacts fungal cells significantly affects its antifungal activity and that T. vulgaris EO in vapor phase might be a good strategy to control fungal contamination.