In this paper the first electrochemical results obtained on ‘figure-eight’-cyclooctapyrrolic macrocycles (octaphyrins) 1 to 3, and on some of their mono- and bi-nuclear transition metal complexes, i.e. compounds 5–8 and 9–16, respectively, are reported. All these species undergo five distinct redox steps. The two reductions and the first two oxidations are reversible one-electron transfers. The third oxidation is a global two electron reaction except in the Co(II) complexes. In the latter, this step corresponds to the Co(II)→Co(III) oxidation. The free base octaphyrins display electrochemical gaps (Eox1−Ered1) from 1.43 to 0.85 V, lower than any previously observed gap in porphyrins and porphycenes, and—at further variance with these tetrapyrrolic molecules—this gap changes with the coordinated metal. Another special feature of binuclear metallo-octaphyrins is an intense and sharp absorption band exhibited at 700 nm and beyond in their two electron reduced form.