Small molecules participate extensively in various life processes. However, specific and sensitive detection of small molecules in a living system is highly challenging. Here, we describe in vivo real-time dynamic monitoring of small molecules by a luminescent polymer-dot oxygen transducer. The optical transducer combined with an oxygen-consuming enzyme can sensitively detect small-molecule substrates as the enzyme-catalyzed reaction depletes its internal oxygen reservoir in the presence of small molecules. We exemplify this detection strategy by using glucose-oxidase-functionalized polymer dots, yielding high selectivity, large dynamic range, and reversible glucose detection in cell and tissue environments. The transducer-enzyme assembly after subcutaneous implantation provides a strong luminescence signal that is transdermally detectable and continuously responsive to blood glucose fluctuations for up to 30 days. In view of a large library of oxygen-consuming enzymes, this strategy is promising for in vivo detection and quantitative determination of a variety of small molecules. © 2016 American Chemical Society.