pyserial - How to read the last line sent from a serial device

Perhaps I'm misunderstanding your question, but as it's a serial line, you'll have to read everything sent from the Arduino sequentially - it'll be buffered up in the Arduino until you read it.

If you want to have a status display which shows the latest thing sent - use a thread which incorporates the code in your question (minus the sleep), and keep the last complete line read as the latest line from the Arduino.

Update: mtasic's example code is quite good, but if the Arduino has sent a partial line when inWaiting() is called, you'll get a truncated line. Instead, what you want to do is to put the last complete line into last_received, and keep the partial line in buffer so that it can be appended to the next time round the loop. Something like this:

def receiving(ser):
    global last_received

    buffer_string = ''
    while True:
        buffer_string = buffer_string + ser.read(ser.inWaiting())
        if '\n' in buffer_string:
            lines = buffer_string.split('\n') # Guaranteed to have at least 2 entries
            last_received = lines[-2]
            #If the Arduino sends lots of empty lines, you'll lose the
            #last filled line, so you could make the above statement conditional
            #like so: if lines[-2]: last_received = lines[-2]
            buffer_string = lines[-1]

Regarding use of readline(): Here's what the Pyserial documentation has to say (slightly edited for clarity and with a mention to readlines()):

Be careful when using "readline". Do specify a timeout when opening the serial port, otherwise it could block forever if no newline character is received. Also note that "readlines()" only works with a timeout. It depends on having a timeout and interprets that as EOF (end of file).

which seems quite reasonable to me!

from serial import *
from threading import Thread

last_received = ''

def receiving(ser):
    global last_received
    buffer = ''

    while True:
        # last_received = ser.readline()
        buffer += ser.read(ser.inWaiting())
        if '\n' in buffer:
            last_received, buffer = buffer.split('\n')[-2:]

if __name__ ==  '__main__':
    ser = Serial(
        port=None,
        baudrate=9600,
        bytesize=EIGHTBITS,
        parity=PARITY_NONE,
        stopbits=STOPBITS_ONE,
        timeout=0.1,
        xonxoff=0,
        rtscts=0,
        interCharTimeout=None
    )

    Thread(target=receiving, args=(ser,)).start()