Widely used as a photosensitizer in photodynamic therapy (PDT) for cancer treatment, this compound effectively generates reactive oxygen species, including singlet oxygen, when exposed to light, enabling targeted destruction of tumor cells. Its high water solubility due to sulfonate groups allows for uniform distribution in biological systems, enhancing therapeutic efficiency. The high molecular weight and negative charges prevent easy penetration through cell membranes, making it suitable for extracellular studies or blood distribution monitoring.

Also employed in environmental applications, such as the photocatalytic degradation of organic pollutants in wastewater under visible light irradiation. Additionally, it serves as a catalyst in certain oxidation reactions and is used in sensors for detecting metal ions owing to its strong and sensitive optical responses upon coordination with metals. It also functions in oxygen sensors and biosensors through stable triplet state formation and energy transfer.

In materials science, it acts as a key molecule in constructing complexes with specific light absorption wavelengths, applied in dye-sensitized solar cells and luminescent materials for optical devices. Furthermore, it is used as a tracer in bioanalytical applications due to moderate biocompatibility and clear luminescence for detection.