Fluorescent and colourimetric probes for small analytes (cations, anions and neutral molecules) have drawn significant attention in recent years. These probes interact with analytes and induce spectral change due to the variations in the photo-physical properties of the fluorophore/chromophore used. Among several photo-physical mechanisms, ESIPT (excited state intramolecular proton transfer) based probes are more advantageous due to their photo-physical properties viz. solvent polarity effect, large spectral shift with multi-channel fluorescence, high quantum yield etc. In recent years, ESIPT-based probes have shown several promising applications, especially monitoring small analytes in biological samples, smartphone app-assisted heavy metal detection in environmental samples, inkless writing, anti-counterfeiting applications etc. Therefore, this review is dedicated to recently reported ESIPT-based probes for small analytes. We have highlighted the organic units responsible for the ESIPT mechanism, their photo-physical parameters, selectivity and sensitivity properties and recent advances in their applications.