Copper, manganese and iron phthalocyanines were found to be highly efficient catalysts for cyclopropanation of olefins using ethyldiazoacetate as carbene precursor. In general copper(II)-phthalocyanine was found to be the most active catalyst followed by the Mn(II) Pc and Fe(II) Pc. Ni(II) Pc and Co(II) Pc were found to be the less active catalysts for this reactions.