Porphysomes are an emerging class of photonic nanoparticles formed from the self-assembly of porphyrin-lipid conjugates. They retain the multifunctional properties of their porphyrin building-blocks but also have unique properties emerging from the nanostructure itself. Porphysomes are able to act in a number of photonic modalities, from diagnostic fluorescence and photoacoustic imaging, to photodynamic and photothermal therapies. This flexibility enables customizable interventions with potential in the burgeoning field of personalized medicine. Here, we profile early porphysome-like liposomes, true porphysomes, as well as newer porphysome derivatives. We discuss the current applications and future outlook for these multimodal theranostic nanoparticles.