The review presents the results of the development of an universal approach to the molecular design of light sensitive and light emitting nanosized systems with desired properties based on unsaturated and macrocyclic compounds. Within the same class of compounds, various nanosized systems were constructed using a limited number of structural fragments. These nanosized systems are susceptible to all main types of photoprocesses, such as fluorescence, photodissociation, photo isomerization, photocycloaddition, photoelectrocyclization, excimer formation, charge transfer com plex formation, the formation of the twisted intramolecular charge transfer state (TICT state), and the electron transfer. The use of photostructural transformations for controlling the complexation and mechanical movements in molecular devices and machines is discussed. The prospects of application of the new strategy are exemplified by the design of the previously unknown types of molecular switches, materials for optical chemosensors, optical data recording and storage media, photo switchable molecular devices, and photocontrolled molecular machines.