We present a computational exploration of five- and six-coordinate Ni(II) and vanadyl porphyrins, including prediction of UV-vis spectroscopic behavior and metalloporphyrin structure as well as determination of a binding energy threshold between strongly bound complexes that have been isolated as single crystals and weakly bound ones that we detect by visible absorption spectroscopy. The excited states are calculated using the tandem of the time-dependent density functional theory (TD-DFT) and the conductor-like polarizable continuum model (CPCM). The excited-state energies in chloroform solvent obtained by using two density functionals are found to correlate linearly with the experimental Soret and alpha-band energies for a known series of five-coordinate vanadyl porphyrins. The established linear correction allows simulation of the excited states for labile octahedral vanadyl porphyrins that have not been isolated and yields Soret and alpha-band bathochromic shifts that are in agreement with our UV-vis spectroscopic results. The PBE0 and PW91 functionals in combination with DNP basis set perform best for both structure and binding energy prediction. The reactivity preferences of Ni(II) and vanadyl porphyrins toward aromatic fragments of large petroleum molecules are explored by using the density functional theory (DFT). Analysis of electrostatic potentials and Fukui functions matching shows that axial coordination and hydrogen bonding are the preferred aggregation modes between vanadyl porphyrins and nitrogen-containing heterocycle fragments. This investigation improves our understanding on the cause for broadening of the Ni and V porphyrin Soret band in heavy oils. Our findings can be useful for the development of metals removal methods for heavy oil upgrading.