The optical analog of the Vernier effect applied to fiber interferometers is a recent tool to enhance the sensitivity and resolution of optical fiber sensors. This effect relies on the overlap between the signals of two interferometers with slightly detuned interference frequencies. The Vernier envelope modulation generated at the output spectrum presents magnified sensing capabilities (i.e., magnified wavelength shift) compared to that of the individual sensing interferometers that constitute the system, leading to a new generation of highly sensitive fiber sensing devices. This review analyses the recent advances and developments of the optical Vernier effect from a fiber sensing point-of-view. Initially, the fundamentals of the effect are introduced, followed by an extensive review on the state-of-the-art, presenting all the different configurations and types of fiber sensing interferometers used to introduce the optical Vernier effect. This paper also includes an overview of the complex case of enhanced Vernier effect and the introduction of harmonics to the effect.