The ORCID identification number(s) for the author(s) of this article can be found under https://doi.org/10.1002/ppsc.201900298. Ratiometric fluorescent probes have many advantages including improved sensitivity, high reliability and accuracy, visualization sensing, etc. Herein, the development of metal nanoclusters (NCs)-based ratiometric fluorescent probes in the recent years is summarized. NCs, an emerging new class of fluorescent nanomaterials, have demonstrated excellent optical properties, good biocompatibility, great aqueous solubility, low cost, and simple synthesis, and NCs-based ratiometric fluorescent probes have attracted much attention. In this progress report, the preparation and properties of NCs and the design of ratiometric fluorescent probes are summarized. Sensing of a broad range of analytes including cations, gas, small molecules, macromolecules, temperature, and pH is discussed. In addition, the challenges and future directions for NCs-based ratiometric fluorescent probes are also presented.