A novel EPR oximetry probe, lithium naphthalocyanine (LiNc) dye has been sythesized successfully and has been characterized using UV-vis spectroscopy, X-ray diffraction and ESR techniques. X-ray diffraction pattern showed the crystalline nature of the synthesized powder and resembles that of typical naphthalocyanine. EPR measurements indicated a linear dynamic EPR line width ranging from 400 mG to 26 G with increasing oxygen concentration.