A covalently linked magnesium porphyrin-fullerene (MgPo-C60) dyad was synthesized and its spectral, electrochemical, molecular orbital, and photophysical properties were investigated and the results were compared to the earlier reported zinc porphyrin-fullerene (ZnPo-C60) dyad. The ab initio B3LYP/3-21G(*) computed geometry and electronic structure of the dyad predicted that the HOMO and LUMO are mainly localized on the MgP and C60 units, respectively. In o-dichlorobenzene containing 0.1 M (n-Bu)4NClO4, the synthesized dyad exhibited six one-electron reversible redox reactions within the potential window of the solvent. The oxidation and reduction potentials of the MgP and C60 units indicate stabilization of the charge-separated state. The emission, monitored by both steady-state and time-resolved techniques, revealed efficient quenching of the singlet excited state of the MgP and C60 units. The quenching pathway of the singlet excited MgP moiety involved energy transfer to the appended C60 moiety, generating the singlet excited C60 moiety, from which subsequent charge-separation occurred. The charge recombination rates, k(CR), evaluated from nanosecond transient absorption studies, were found to be 2-3 orders of magnitude smaller than the charge separation rate, k(CS). In o-dichlorobenzene, the lifetime of the radical ion-pair, MgPo*+-C60*-, was found to be 520 ns which is longer than that of ZnPo*+-C60*- indicating better charge stabilization in MgPo-C60. Additional prolongation of the lifetime of MgPo*+-C60*- was achieved by coordinating nitrogenous axial ligands. The solvent effect in controlling the rates of forward and reverse electron transfer is also investigated.