A nanosecond laser photolysis study was carried out for the Cr(III) porphyrin complexes of 2,3,7,8,12,13,17,18-octaethylporphyrin, [Cr(OEP)(Cl)(L)], and of 5,10,15,20-tetramesitylporphyrin, [Cr(TMP)(Cl)(L)], in toluene containing water and an excess amount of L (L = axial ligand). The laser photolysis generates the triplet excited state of the parent complex as well as a five-coordinate complex, [Cr(porphyrin)(Cl)], produced by the photodissociation of the axial ligand L. The yields for the formation of the triplet state and the photodissociation of L are found to markedly depend on the nature of both L and porphyrin ligand. The five-coordinate [Cr(porphyrin)(CI)] readily reacts with both H2O and L in the bulk solution to give [Cr(porphyrin)(Cl)(H2O)] and [Cr(porphyrin)(Cl)(L)], respectively. The axial H2O ligand in [Cr(porphyrin)(Cl)(H2O)] is then substituted by the ligand L to regenerate the original complex [Cr(porphyrin)(Cl)(L)]. In principle, the substitution reaction takes place by the dissociative mechanism: the first step is the dissociation of H2O from [Cr(porphyrin)(Cl)(H2O)], followed by the reaction of the five-coordinate [Cr(porphyrin)(CI)] with the ligand L to regenerate [Cr(porphyrin)(Cl)(L)]. The rate constants for this ligand substitution reaction are found to exhibit bell-shaped ligand concentration dependence. The detailed kinetic analysis revealed that both ligands L and H2O in toluene make a hydrogen bond with the axial H2O ligand in [Cr(porphyrin)(Cl)(H2O)] to yield dead-end complexes for the substitution reaction. The reaction mechanisms are discussed on the basis of the substituent effects of the porphyrin peripheral groups and the kinetic parameters determined from the temperature dependence of the rate constants.