Pollution in cities induces harmful effects on human health, which continuously increases the global demand of gas sensors for air quality control and monitoring. In the same manner, the industrial sector requests new gas sensors for their productive processes. Moreover, the association between exhaled gases and a wide range of diseases or health conditions opens the door for new diagnostic applications. The large number of applications for gas sensors has permitted the development of multiple sensing technologies. Among them, optical fiber gas sensors enable their utilization in remote locations, confined spaces or hostile environments as well as corrosive or explosive atmospheres. Particularly, Lossy Mode Resonance (LMR)-based optical fiber sensors employ the traditional metal oxides used for gas sensing purposes for the generation of the resonances. Some research has been conducted on the development of LMR-based optical fiber gas sensors; however, they have not been fully exploited yet and offer optimal possibilities for improvement. This review gives the reader a complete overview of the works focused on the utilization of LMR-based optical fiber sensors for gas sensing applications, summarizing the materials used for the development of these sensors as well as the fabrication procedures and the performance of these devices.