Polydiacetylenes (PDA) are a family of conjugated polymers exhibiting unique optical properties, specifically color and fluorescence transformations. Since their first synthesis in the early 1970s, PDAs have attracted significant interest as useful and promising platforms for sensing applications, based upon the observations that varied external stimuli can induce the color and/or fluorescence transitions. Another attractive facet of PDA systems has been the feasibility to mold the polymers in diverse configurations and morphologies – vesicles, microtubes, supported films, hybrid porous matrixes, and others. This diversity makes PDA assemblies promising conduits for practical biosensing and chemosensing applications and sensor device construction. This article presents PDA‐based sensing schemes and their potential applications in biology, chemistry, art restoration, and others.