Magnesium(II) Phthalocyanine is widely used in the field of organic electronics due to its excellent semiconducting properties. It is a key component in the fabrication of organic field-effect transistors (OFETs) and organic light-emitting diodes (OLEDs), where it helps in improving device efficiency and stability.

In the realm of photodynamic therapy, this compound serves as a photosensitizer. When exposed to light, it generates reactive oxygen species that can destroy cancer cells, making it a valuable tool in medical treatments targeting tumors.

Additionally, Magnesium(II) Phthalocyanine is utilized in dye-sensitized solar cells (DSSCs). Its ability to absorb a broad spectrum of light enhances the cell's ability to convert sunlight into electricity, contributing to more efficient solar energy harvesting.

In the field of sensors, it is employed in the development of chemical sensors and biosensors. Its high sensitivity to various gases and biological molecules makes it suitable for detecting environmental pollutants and monitoring biological processes.

Lastly, it finds application in nonlinear optics, where its unique optical properties are exploited for use in optical limiting and switching devices, providing protection against intense light pulses and enabling advanced optical communication systems.