Two series of diphosphoryl-substituted porphyrins were synthesized and characterized by electrochemistry and spectroelectrochemistry in nonaqueous media containing 0.1 M tetra-n-butylammonium perchlorate (TBAP). The investigated compounds are 5,15-bis(diethoxyphosphoryl)-10,20-diphenylporphyrins (Ph)2(P(O)(OEt)2)2PorM and 5,15-bis(diethoxyphosphoryl)-10,20-di(para-carbomethoxyphenyl)porphyrins (PhCOOMe)2(P(O)(OEt)2)2PorM where M = 2H, Co(II), Ni(II), Cu(II), Zn(II), Cd(II), or Pd(II). The free-base and five metalated porphyrins with nonredox active centers undergo two ring-centered oxidations and two ring-centered reductions, the latter of which is followed by a chemical reaction of the porphyrin dianion to give an anionic phlorin product. The phlorin anion is electroactive and can be reoxidized by two electrons to give back the starting porphyrin, or it can be reversibly reduced by one electron at more negative potentials to give a phlorin dianion. The chemical conversion of the porphyrin dianion to a phlorin anion proceeds at a rate that varies with the nature of the central metal ion and the solvent. This rate is slowest in the basic solvent pyridine as compared to CH2Cl2 and PhCN, giving further evidence for the involvement of protons in the chemical reaction leading to phlorin formation. Calculations of the electronic structure were performed on the Ni(II) porphyrin dianion, and the most favorable atoms for electrophilic attack were determined to be the two phosphorylated carbon atoms. Phlorin formation was not observed after the two-electron reduction of the cobalt porphyrins due to the different oxidation state assignment of the doubly reduced species, a Co(I) π anion radical in one case and an M(II) dianion for all of the other derivatives. Each redox reaction was monitored by thin-layer UV-visible spectroelectrochemistry, and an overall mechanism for each electron transfer is proposed on the basis of these data.