In this study, novel phthalonitrile derivatives (1 and 2) and their peripherally and non-peripherally tetra (4-isopropylbenzyl)oxy-substituted zinc and chloroindium phthalocyanine complexes (3-6) have been prepared for the first time. The synthesized phthalonitrile derivatives and phthalocyanine complexes were characterized spectroscopically. Not only the chloroindium phthalocyanines but also zinc phthalocyanines are essentially free from aggregation in THF at the studied micromolar concentration. The purpose is to compare the effects of two types of substitution on the phthalocyanines to be used as sensitizers in photodynamic therapy (PDT). Photophysical and photochemical properties of all phthalocyanines are investigated and the results showed that the peripheral phthalocyanines more effectively photooxidize DPBF through singlet oxygen. The photochemical results showed that both ZnPc (3 and 5) and InPc (4 and 6) can be used as sensitizers in PDT because of their very high singlet oxygen quantum yields (range from 0.80 to 0.97).