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 has positive refractive power. The second lens element has negative refractive power. The third lens element with refractive power has a convex object-side surface, wherein the object-side surface and an image-side surface of the third lens element are aspheric. The fourth lens element with positive refractive power has a convex object-side surface and a convex image-side surface. The fifth lens element with negative refractive power which is made of plastic material, wherein an object-side surface and an image-side surface of the fifth lens element are aspheric, and the fifth lens element has inflection points formed on at least one surface thereof.