In this study novel peripherally tetra 1,3‐diethoxy‐2‐propanol substituted Co(II), Cu(II), Mg(II), Ni(II) Zn(II) phthalocyanine derivatives were prepared. The characterization of the novel compounds was made by FT‐IR, 1H‐NMR, UV‐vis and MALDI‐TOF mass. Electrochemical, in‐situ spectroelectrochemical and electrocolorimetric measurements have been carried out with the aim to determine the redox properties, to illuminate reaction mechanism and the effect of substituent and metal center. Moreover, the color properties and aggregation tendency of compounds were also investigated.