The title of smallest known animal goes to the Etruscan shrew (Suncus etruscus), a tiny mammal found in parts of Italy, Sicily, and Sardinia. Vital stats:
It shares the "smallest vertebrate" distinction with the Paedocypris fish of Southeast Asia. With a heart rate up to 1,500 bpm and a metabolism requiring it to eat 1.5–2 times its body weight daily, the Etruscan shrew lives life in the fast lane—literally.