The use of texaphyrins for ocular diagnosis and therapy is provided, especially use of photosensitive texaphyrins for photodynamic therapy of conditions of the eye characterized by abnormal vasculature, such as macular degeneration, or pterygium, for example. The photosensitive texaphyrin may be a free-base texaphyrin or may be metallated with a diamagnetic metal. Preferably, the photosensitive texaphyrin is metallated with lutetium. Due to the dual wavelength absorption of texaphyrins, i.e., at 400-500 nm and at 700-800 nm, especially about 732 nm, as compared to porphyrins, texaphyrins are more effective and versatile for use in humans as compared to porphyrins. Texaphyrins serve as effective contrast agents in ocular angiography.