Nitric oxide (NO) and carbon monoxide (CO) gaseous signaling molecules play crucial roles in maintaining biological homeostasis, which depends on the cellular microenvironment, concentrations, as well as spatial and temporal factors. Therefore, visualizing and monitoring these molecules in living systems is crucial for comprehending their origin, activity, and biological effects. Among various detection methods, luminescence-based probes (such as fluorescence, phosphorescence, and chemiluminescence) have emerged as a powerful technique for detecting and imaging NO and CO owing to their non-invasive, highly selective, and real-time in situ detection capabilities. This article provides a comprehensive review of the advancements made in luminescence-based probes for the selective detection and imaging of NO and CO in cells and living organisms and showcases their potential for rapid real-time detection of these vital gaseous signaling molecules in biological systems.