The photophysical properties of the Zn salt of octaethylcorrphycene (compound 1) and the doubly protonated octaethylcorrphycene (compound 2) were determined in benzene solutions. Fluorescence spectra and fluorescence quantum yields of ΦF (1) = 0.03 + 0.02 and ΦF (2) = 0.06 + 0.02 were measured. The triplet-triplet absorption spectra were obtained by means of flash-photolysis experiments. The triplet quantum yield values ΦT (1) = 0.79 + 0.08 and ΦT (2) = 0.82 + 0.08 were obtained by using laser-induced optoacoustic spectroscopy. The quantum yield of singlet molecular oxygen generation in air-saturated solutions, ΦΔ (1) = 0.55 + 0.07 and ΦΔ (2) = 0.38 + 0.05, were also measured using time resolved NIR luminescence.