In the past few years, fluorescent materials have received significant attention due to their fascinating luminescent properties and wide-ranging applications. Polydimethylsiloxane (PDMS) has also attracted the interest of many researchers due to its remarkable performances. The combination of fluorescence and PDMS will undoubtedly produce abundant advanced multifunctional materials. Although numerous achievements have been made in this field, there is still no review to summarize the relevant research. This review summarizes the state-of-the-art achievements made in PDMS-based fluorescent materials (PFMs). First, the preparation of PFM is overviewed following a classification according to the fluorescent sources, including organic fluorescent molecules, perovskite, photoluminescent nanomaterials, and metal complexes. Their applications in sensors, fluorescent probes, multifunctional coatings, and anticounterfeiting are then introduced. Finally, the challenges and development trends in the field of PFMs are presented.