The kinetics of homogeneous photocatalytic water oxidation is reported using [Ru(bpy)3]Cl2 as photosensitizer, Na2S2O8 as sacrificial electron acceptor, and three different water-oxidation catalysts: the ruthenium catalyst [Ru(bda)(isoq)2] ([1], H2bda = 2,2'-bipyridine-6,6'-dicarboxylic acid, isoq = isoquinoline), Co(NO3)2 ([2]), or [Ir(Cp*)(dmiz)(OH)2] ([3], Cp* = pentamethylcyclopentadienyl, dmiz = 1,3-dimethylimidazol-2-ylidene). At pH=7.0, in a phosphate buffer, and under blue light irradiation, the production of O2 at the catalyst is rate determining when [2] or [3] are used as water-oxidation catalysts. However, when [1] is used as catalyst in identical conditions the turn over at the wateroxidation catalyst is not the rate-limiting step of the photocatalysis. Instead, the step limiting dioxygen production is the transfer of electrons from the catalyst to the photooxidized photosensitizer [Ru(bpy)3] 3+ . Due to the instability of [Ru(bpy)3] 3+ in neutral aqueous solutions, slow electron transfer results in significant photosensitizer decomposition, which limits the overall stability of the photocatalytic system. When the catalyst [1] is used decomposition of both the photosensitizer and the catalyst [1] occurs in parallel. However, the photosensitizer and the catalyst also stabilize each other, i.e., the TON increases when more photosensitizer is added, while the photocatalytic turnover number PTON increases when more catalyst [1] is added. These data demonstrate that not only new and more stable water oxidation catalysts should be developed in the future, but that new and more stable photosensitizers are needed as well.