We apply the Om diagnostic to models for dark energy based on scalar fields. In case of the power law potentials, we demonstrate the possibility of slowing down the expansion of the Universe around the present epoch for a specific range in the parameter space. For these models, we also examine the issues concerning the age of Universe. We use the Om diagnostic to distinguish the ΛCDM model from non minimally coupled scalar field, phantom field and generic quintessence models. Our study shows that the Om has zero, positive and negative curvatures for ΛCDM, phantom and quintessence models respectively. We use an integrated data base (SN+Hubble+BAO+CMB) for observational analysis and demonstrate that Om is a useful diagnostic to apply to observational data.