The selective oxidation of organic compounds is still a challenge in chemical industries and catalytic researches. Since nature uses metalloenzymes as catalysts for the selective oxidation of hydrocarbons, attempts have been made to design functional models of these enzymes during the past few years. Metalloporphyrins in oxidation of substrates with various single-oxygen atom donors were found to act as good catalysts and had a major role for understanding of biologically related reaction of cytochrome P-450. Metallophthalocyanines have similar structure with metalloporphyrines and they are more readily available, inexpensive and are generally more stable than MP. However, the aggregation and low solubility of metallophthalocyanines are the main drawbacks in their application as catalysts. This property is further enhanced by the introduction of sulfate or carboxylate substituents at the periphery. Alternatively, the metallophthalocyanines can be immobilized on various supports in order to function as heterogeneous catalysts. The latter approach, due to environmental aspects, ease of separation, recovery and recycling of catalyst, becomes a highly innovative research field.