Since water-soluble porphyrin complexes of lanthanides(III) have proved to be promising for medical applications (e.g., luminescence imaging, photodynamic therapy, and theranostics), the investigation of the formation, photophysical, and photochemical properties of such coordination compounds provides useful pieces of information for their potential usage. Steady-state and time-resolved fluorometry, UV–Vis absorption spectroscopy, and continuous-wave photolysis were utilized for this purpose. 5,10,15,20-Tetrakis(4-sulfonatophenyl)porphyrin formed mono- and bisporphyrin complexes with samarium(III), europium(III), and gadolinium(III) as representatives in the middle of the lanthanide series. The special photoinduced behavior of these compounds was mostly determined by the position of the metal center, which was located out of the ligand plane, thus distorting it. Besides, the photochemical and, especially, photophysical features of the corresponding mono- and bisporphyrin complexes were similar because, in the latter species, two monoporphyrins were connected by a weak metal bridge between the peripheral sulfonato substituents (tail-to-tail dimerization). The formation of these coordination compounds and the transformation reactions between the mono- and bisporphyrins were rather slow in the dark at room temperature. These processes were accelerated by visible irradiation. However, dissociation and, especially, redox degradation were the main photoreactions in these systems, although with low quantum yields. Additionally, depending on the excitation wavelength, new types of photoproducts were also detected.