Several phosphorescent platinum(II) and palladium(II) complexes of tetrapyrrole dyes are prepared in an attempt to improve the compatibility with red laser diodes. The nature of meso-substituents in benzoporphyrin macrocycle is found to affect mainly the position of the Soret band and has little influence on the Q-bands. In rigid polymeric matrices these dyes possess more favourable photochemical properties than corresponding meso-tetraphenyltetrabenzoporphyrins. Platinum(II) chlorins show good compatibility with 635nm laser diode and 632.8 line of He–Ne laser, and have moderate brightness with emission yields ∼2%. Photophysical properties and photostability of these dyes is assessed and compared with the known NIR-emitting oxygen indicators.