The photophysical properties such as electronic absorption, excitation and emission spectra as well as molar absorptivity and fluorescence quantum yield of N, 4,9, N,4,9, and N,N-bis(4-methylpyridenyl)-3,4,9,10-perylenetetracarboxylic diimide (MPyPBD) have been measured in different solvents. Both electronic absorption and fluorescence spectra are not sensitive to medium polarity, while the fluorescence quantum yield (φ f ) is solvent dependent. Perylene derivatives under investigation undergo molecular aggregation to dimmer or larger aggregates in water. Dye solution in dimethylformmaide (DMF) gives laser emission at 565 nm upon pumping with 337.1 nm nitrogen laser pulse. The excitation energy transfer from 7-dimethylamino-4-methylcoumarine (DMC) to PmPBD has been studied to improve the laser emission of PmPBD. The value of energy transfer rate constant (k ET ) and critical transfer distance (R 0 ) indicate a Förster type energy transfer mechanism. There is a large interaction between the perylene compounds under investigation and the hydrated nanoparticles in the excited state therefore the fluorescence quenching rate constant of these derivatives by hydrated iron oxide nanoparticles has a large value.