An image capturing optical lens assembly includes, in order from an object side to an image side, a first lens element, a second lens element, a third lens element, a fourth lens element and a fifth lens element. The first lens element with positive refractive power has a convex object-side surface. The second lens element with negative refractive power has a concave image-side surface. The third lens element with positive refractive power has a convex image-side surface. The fourth lens element has positive refractive power. The fifth lens element with refractive power is made of plastic material and has a concave image-side surface. At least one inflection point is formed on at least one of the object-side and image-side surfaces of the fifth lens element. The surfaces of the third lens element, the fourth lens element and the fifth lens element are aspheric.