In continuing our studies on the photosensitizing ability of the 2,3‐dichloro‐5,6‐dicyano‐1,4‐benzoquinone (DDQ) molecular complex of meso‐tetraphenylporphyrin, we have studied the photocatalytic activity of tetracyanoethylene (TCNE) molecular complexes of a series of para‐ or ortho‐substituted meso‐tetraarylporphyrins (aryl = phenyl, 2‐methylphenyl, 4‐methylphenyl and 4‐methoxylphenyl) for the aerobic oxidation of olefins and compared the results with those of the DDQ counterparts and the free‐base porphyrins. Significantly higher catalytic performances were observed for the TCNE molecular complexes over a much shorter reaction time. This observation is in accord with the remarkably higher singlet‐oxygen quantum yield of the TCNE complexes (φΔ = 0.57–0.98) relative to that of the DDQ complexes (φΔ = 0.03–0.57) and the free‐base porphyrins (0.32–0.63). Also, the photocatalytic activity of the molecular complexes was found to be greatly influenced by the meso substituents. The involvement of a singlet‐oxygen mechanism in the oxidation reactions was confirmed by using 1,3‐diphenylisobenzofuran and 1,4‐benzoquinone as the singlet‐oxygen quencher and superoxide anion radical scavenger, respectively.