The photochemical and photophysical behavior of two dendrimers consisting of a benzophenone core and branches that contain dimethoxybenzene units has been investigated. Such dendrimers can undergo a variety of photochemical and photophysical processes, namely: 1) quenching of the fluorescence and phosphorescence of the dimethoxybenzene units by energy transfer to the benzophenone core (antenna effect), 2) direct and sensitized phosphorescence (and delayed fluorescence) of the benzophenone core, 3) hydrogen abstraction by the triplet excited state of the benzophenone core from solvent molecules, 4) intramolecular hydrogen abstraction by the triplet excited state of the benzophenone core from the dendrimer branches, 5) quenching of the phosphorescence and hydrogen abstraction reaction of the benzophenone core by energy transfer to terbium ions and dioxygen; 6) conversion of the UV light absorbed by the dendrimer branches into visible (Tb3+) or near infrared (O2) emission via the sequence of processes 1) and 5). The results obtained emphasize the great potential of suitably designed dendrimers for a multiple use of light signals.