Porphycene, β-phenyl-substituted analog of tetraphenylporphyrin, and its complexes with Cu(II) and Zn(II) have been prepared. Spectral parameters of the porphycene, its acid-base properties and thermal stability in the solid phase as well as its complexes stability towards dissociation in acidic medium have been studied by means of electronic absorption and NMR spectrometry, mass spectroscopy, thermogravimetry, and quantum chemistry simulation.Since the porphycenes are poorly available [3,8], their physico-chemical properties have been scarcely studied so far [3,9]. In this work, starting from the dipyrrole precursor I to prepare 2,7,12,17-tetraphenylporphycene [H 2 (β-Ph) 4 Por, II] [Eq. (1)] and its complexes with Cu(II) (III) and Zn(II) (IV) and studied spectral properties of the porphyrinoids, features of protonation and deprotonation of ligand II [Eq. (2)], its thermal stability in the solid phase, and stability of complexes III and IV against dissociation in acidic medium [Eq. (3)]. The obtained data allowed analysis of the reasons for similarity and difference of the properties of the porphyrin [meso-tetraphenylporphyrin