Facile syntheses of water-soluble sodium alginate (Na-Alg) derivatives employing anthracene moieties (Anth) have been carried out. Na-Alg amide (Alg-Anth amide), and Na-alg ester (Alg-Anth ester) derivatives were synthesized using 2-amino anthracene and 9-chloromethyl anthracene (9-CMA), respectively. These polymeric materials were characterized (FTIR, C-13 NMR, GPC, UV-Vis and fluorescence spectroscopy). These derivatives were photoactive and demonstrated photosensitizing capabilities in presence of an acceptor pyrene. Alg-Anth ester was more efficient (63 %) as opposed to Alg-Anth amide (37 %) in transferring energy to the acceptor. Further hydrophilic-lipophilic balance (HLB) values (> 10.0) of both the derivatives indicated their suitability as solubilizers. These water-soluble polysaccharide-based polymers may be of potential utility as photosensitizers for reactions of organic compounds in aqueous media as well as in sensory applications.