A series of chalcogen atom substituted porphyrazines have been assembled and characterized. Oxygen and sulfur chalcogen atoms have been substituted for peripheral methylene groups. Heteroatom‐enriched, seven‐membered ring dinitriles (1–3) were synthesized and characterized by IR, MS, UV‐vis, 1H NMR, elemental analysis, and X‐ray analysis to examine the ring conformations. They were template cyclized in the presence of MgII to form the MgII containing porphyrazine macrocycles. The MgII and metal‐free macrocycles (4–9) were synthesized for all peripherally substituted porphyrazines. The unchalcogen‐substituted NiII, CuII, and ZnII containing porphyrazine derivatives (10–12) were also synthesized because of the higher solubility of the metal‐free porphyrazine 7. The macrocycles were characterized and studied using such techniques as UV‐vis, IR, elemental analysis, cyclic voltammetry, and electrical conductivity measurements.