A large series of structurally related two-photon photosensitizers with heavy atom substitution were synthesized and evaluated through a combined spectroscopic (steady-state and time resolved), photophysical and computational study. Our aim was to identify some relevant parameters related to their excited state dynamics including photo-induced singlet oxygen generation. Although these dynamics result from the interplay of many factors, we show that the triplet excited state generation kinetics can generally be correlated with the calculated values of both the spin–orbit coupling and the energy gap between S₁ and T₁ states, which themselves mostly depend on the positioning of the heavy atoms along the π-conjugated structure rather than their number.