Continuous monitoring of oxygen concentration is of great importance in many different areas of research which range from medical applications to food packaging. In the last three decades, significant progress has been made in the field of optical sensing technology and this review will highlight the one inherent to the development of oxygen indicators. The first section outlines the bioanalytical fields in which optical oxygen sensors have been applied. The second section gives the reader a comprehensive summary of the existing oxygen indicators with a critical highlight on their photophysical and sensing properties. Altogether, this review is meant to give the potential user a guide to select the most suitable oxygen indicator for the particular application of interest.