We present a comprehensive review of the nonlinear optical (NLO) properties of various phthalocyanines studied by our group over the last few years. The NLO coefficients obtained in the continuous wave (cw), nanosecond (ns), picosecond (ps), and femtosecond (fs) regimes are summarized and important conclusions drawn from these studies are highlighted. Wherever possible the figures of merit in different pulse domains are evaluated and discussed for possible applications in the field of photonics. Various schemes to identify and exploit the potential of these molecules are proposed. Necessary measures required for the realization of practical devices out of these molecules are delineated. The performance of these molecules vis-à-vis other phthalocyanines and related compounds is evaluated.