Phosphazenes, one of the most important classes of organophosphorus compounds containing phosphorus (V) with double bonds between P and N, can be cyclic molecules or high molecular weight polymers that play an important and dominant role in advanced inorganic materials. Phosphazenes have been the subject of many studies over the past two decades as an excellent synthetic platform for the development of fluorescent materials. This study is conducted to evaluate the contribution of phosphazene chemistry to the preparation of fluorescent materials and to emphasize its importance in development of sophisticated materials. This review provides detailed information about the latest developments in the field of cyclic-, dendrimeric- and polymeric phosphazenes based fluorescent materials and their application examples of sensors (fluorescent and electrochemical) and optoelectronic devices (OLED, OFET and electrochromic devices). The future perspective of fluorescence materials based on phosphazenes is also discussed.