This paper describes the synthesis of a series of metal-free phthalocyanines and metallophthalocyanines peripherally substituted by macrocycles of different ring sizes with the same donor atom sets. The effects of varying ring size of the macrocycle on the spectroscopic and metal ion binding properties of phthalocyanines were examined. For these purposes, electronic absorption properties for metal-free phthalocyanines and metallophthalocyanines were studied in dimethylformamide and tetrahydrofuran. The liquid liquid extraction of metal picrates such as Ag(I), Hg(II), Cd(II), Zn(II), Cu(II), Ni(II), Pb(II), and Co(II) from the aqueous phase to the organic phase was carried out using metallophthalocyanines. All new compounds were characterized using several spectroscopic techniques.