Traditionally, analytical chemistry and diagnosis relied on wet laboratories and skilled professionals utilizing sophisticated instruments for sample handling and analysis. However, with the development of novel materials and sensing techniques, there has been a significant shift towards the use of standalone sensors, allowing tests to be conducted on-site or even in real time, leading to cost- and time-efficiency. With their widespread adoption globally, smartphones have emerged as an ideal platform for such sensors, boasting extensive sensor capabilities, advanced processing power, and communication functionalities. Smartphone-based assays make use of optical and electrochemical sensors, utilizing built-in cameras, ambient light sensors, and other features for optical sensing, while the micro-USB port, Bluetooth, and wireless connection facilitate data transmission and analog voltage application for electrochemical sensing. Previous overview papers have explored smartphone-based sensing in specific domains; this review provides a comprehensive examination of recent advancements in smartphone-based sensors, encompassing both optical and electrochemical sensing methods. The review provides the fundamental principles of these sensors and their implementation using smartphones, showcases recent applications, and presents innovative designs that take advantage of the inherent functionalities and sensor capabilities of smartphones. The review concludes by offering an outlook on the prospects of smartphone-based sensing and includes a reflective section emphasizing the potential impact of sensors in chemical and biological analyses. This comprehensive resource aims to provide information to researchers and practitioners interested in using smartphones for cutting-edge analytical methodologies.