Organic heterostructures have emerged as highly promising transducers to realize high performance gas sensors. The key reason for such a huge interest in these devices is the associated organic heterojunction effect in which opposite free charges are accumulated at the interface making it highly conducting, which can be exploited in producing highly sensitive and faster response kinetics gas sensors. Metal phthalocyanines (MPc) have been extensively studied to fabricate organic heterostructures because of the large possibilities of structural engineering which are correlated with their bulk thin film properties. Accordingly, in this review, we have performed a comprehensive literature survey of the recent researches reported about MPc based organic heterostructures and their application in gas sensors. These heterostructures were used in Organic Field-Effect Transistor and Molecular Semiconductor—Doped Insulator sensing device configurations, in which change in their electrical properties such as field-effect mobility and saturation current in the former and current at a fixed bias in the latter under redox gases exposure were assessed to determine the chemosensing performances. These sensing devices have shown very high sensitivity to redox gases like nitrogen dioxide (NO2), ozone and ammonia (NH3), which monitoring is indispensable for implementing environmental guidelines. Some of these sensors exhibited ultrahigh sensitivity to NH3 demonstrated by a detection limit of 140 ppb and excellent signal stability under variable humidity, making them among the best NH3 sensors.