The PF6- salt of the dinuclear [(bpy)2Ru(1)Os(bpy)2]4+ complex, where 1 is a phenylacetylene macrocycle which incorporates two 2,2'-bipyridine (bpy) chelating units in opposite sites of its shape-persistent structure, was prepared. In acetonitrile solution, the Ru- and Os-based units display their characteristic absorption spectra and electrochemical properties as in the parent homodinuclear compounds. The luminescence spectrum, however, shows that the emission band of the Ru(II) unit is almost completely quenched with concomitant sensitization of the emission of the Os(II) unit. Electronic energy transfer from the Ru(II) to the Os(II) unit takes place by two distinct processes (k(en) = 2.0x10(8) and 2.2x10(7) s(-1) at 298 K). Oxidation of the Os(II) unit of [(bpy)2Ru(1)Os(bpy)2]4+ by Ce(IV) or nitric acid leads quantitatively to the [(bpy)2Ru(II)(1)Os(III)(bpy)2]5+ complex which exhibits a bpy-to-Os(III) charge-transfer band at 720 nm (epsilon(max) = 250 M(-1) cm(-1)). Light excitation of the Ru(II) unit of [(bpy)2Ru(II)(1)Os(III)(bpy)2]5+ is followed by electron transfer from the Ru(II) to the Os(III) unit (k(el,f) = 1.6x10(8) and 2.7x10(7) s(-1)), resulting in the transient formation of the [(bpy)2Ru(III)(1)Os(II)(bpy)2]5+ complex. The latter species relaxes to the [(bpy)2Ru(II)(1)Os(III)(bpy)2]5+ one by back electron transfer (k(el,b) = 9.1x10(7) and 1.2x10(7) s(-1)). The biexponential decays of the [(bpy)2*Ru(II)(1)Os(II)(bpy)2]4+, [(bpy)2*Ru(II)(1)Os(III)(bpy)2]5+, and [(bpy)2Ru(III)(1)Os(II)(bpy)2]5+ species are related to the presence of two conformers, as expected because of the steric hindrance between hydrogen atoms of the pyridine and phenyl rings. Comparison of the results obtained with those previously reported for other Ru-Os polypyridine complexes shows that the macrocyclic ligand 1 is a relatively poor conducting bridge.