Phthalocyanines and inorganic nanomaterials have garnered a great deal of interest in recent years due to their potential use as sensors, catalysts, and as tools for imaging and drug delivery. This chapter will discuss synthesis, modification of the nanomaterials, characterization (using a multitude of techniques including microscopy, spectroscopy and a variety of photophysical methods), as well as properties and potential applications exhibited by nanomaterials, such as quantum dots, iron nanoparticles and carbon nanotubes, alone or in combination with phthalocyanines. Also addressed will be the use of microscopic techniques, such as atomic force microscopy (AFM), transmission electron microscopy (TEM), scanning electron microscopy (SEM) and spectroscopic techniques, such as x-ray powder diffraction (XRD), x-ray photoelectron spectroscopy (XPS), as well as Raman, fluorescence, and laser flash photolysis/transient absorption spectroscopies. Additionally, the chapter explores thermal analysis methods, including thermogravimetric analysis in the characterization of the nanomaterials.