Novel compounds endowed with a high two-photon absorption (TPA) cross-section and a high singlet oxygen quantum yield, are sought after for their possible application in anti-cancer therapies. In this paper we present a prototype macromolecule bearing a distyrylbenzene dimer as TPA unit and a [60] fullerene moiety for singlet oxygen generation. Linear absorption and emission spectra are measured, to help understanding the interactions between the single molecular units. The TPA absorption properties of the distyrylbenzene alone as well as bound to the methanofullerene unit are recorded with the TPA-induced fluorescence technique. An appreciable enhancement of the TPA cross-section was observed in the molecular conjugate. Singlet oxygen generation has been detected exciting the sample both in the Vis and NIR through one- and two-photon absorption processes, respectively. Although functionalization decreases the overall singlet oxygen quantum yield of fullerene, the presence of the distyrylbenzene antenna allows two-photon generation of singlet oxygen through an energy transfer process.