In this study, DNA binding properties of 2,10,16,24‐tetrakis4‐(4‐hydroxyphenyl)‐1‐phenylethyl)phenoxy)phthalocyaninato Co(II) and Mg(II) compounds were analyzed. CT‐DNA was used to determine DNA binding properties of Co(II) (4) and Mg(II) (5) phthalocyanine compounds. The DNA binding properties of compounds 4 and 5 were investigated using electronic absorption titration, fluorescence spectroscopy, cyclic voltammetry, thermal denaturation study, electrophoresis and viscosity measurements in Tris‐buffer (pH 7.0). The results indicated that Co(II) and Mg(II) phthalocyanine compounds have strong affinity for CT‐DNA through intercalation.