3‐(1’‐Hexyloxyethyl)‐3‐devinyl‐pyropheophorbide‐a (HPPH or Photochlor), a tumor‐avid chlorophyll‐a derivative currently undergoing human clinical trials, was conjugated at various peripheral positions (position‐17 or 20) of HPPH with either Gd(III)‐aminobenzyl‐DTPA (Gd(III) DTPA) or Gd(III)‐aminoethylamido‐DOTA (Gd(III) DOTA). The corresponding conjugates were evaluated for in vitro PDT efficacy, T1, T2 relaxivities, in vivo fluorescence, and MR imaging under similar treatment parameters. Among these analogs, the water‐soluble Gd(III)‐aminoethylamido‐DOTA linked at position‐17 of HPPH, i. e., HPPH‐17‐Gd(III) DOTA, demonstrated strong potential for tumor imaging by both MR and fluorescence, while maintaining the PDT efficacy in BALB/c mice bearing Colon‐26 tumors (7/10 mice were tumor free on day 60). In contrast to Gd(III) DTPA (Magnevist) and Gd(III) DOTA (Dotarem), the HPPH‐Gd(III) DOTA retains in the tumor for a long period of time (24 to 48 h) and provides an option of fluorescence‐guided cancer therapy. Thus, a single agent can be used for cancer‐imaging and therapy. However, further detailed pharmacokinetic, pharmacodynamic, and toxicological studies of the conjugate are required before initiating Phase I human clinical trials.