A photographing optical lens assembly includes, in order from an object side to an image side: a first lens element with positive refractive power, a second lens element with negative refractive power having a convex object-side surface and a concave image-side surface, a third lens element having a concave image-side surface, wherein at least one of the object-side surface and the image-side surface of the third lens element is aspheric, a fourth lens element with positive refractive power having a convex image-side surface, wherein at least one of the object-side surface and the image-side surface of the fourth lens element is aspheric, and a fifth lens element with negative refractive power having a concave image-side surface, wherein at least one of the object-side surface and the image-side surface of the fifth lens element is aspheric.