A synthetic oxygen (O2) and carbon monoxide (CO) receptor (hemoCD) composed of 5,10,15,20-tetrakis(4-sulfonatophenyl)porphinatoiron(II) and a per-O-methylated β-cyclodextrin dimer with a pyridine linker (Py3CD) was functionalised with poly(ethylene glycol) (PEG) to elongate the circulation time of the receptor in the bloodstream. α-PEG monocarboxylic acid (HOOC(CH2)3(CO)O-PEG(mw)-OCH3; mw = 750 or 5k) or α,ω-PEG dicarboxylic acid (HOOC(CH2)3(CO)O-PEG(mw)-O(CO)(CH2)3COOH; mw = 10k or 20k) was reacted with the amino group of 5-(4-aminophenyl)-10,15,20-tris(4-sulfonatophenyl)porphyrin to afford a porphyrin monomer having a PEG chain or a porphyrin dimer having a PEG linker, respectively. The ferrous complexes of these PEGylated porphyrins (PEG750-, PEG5k-, PEG10k- and PEG20k-hemoCDs) bound O2 in aqueous solution, P1/2 values being 6.5–8.1 Torr at pH 7.0 and 25 °C. Each PEG(mw)-hemoCD was infused into the femoral vein of a Wistar male rat. After 6 h of the infusions, 67, 82, 86 and 42% of PEG750-, PEG5k-, PEG10k- and PEG20k-hemoCD were excreted in the urine. PEG750-hemoCD with a hydrodynamic diameter (Dh) of 3.4 nm seemed to partly leak from the blood vessels (pore size: 2–6 nm) before renal filtration (pore size: 4–14 nm). PEG5k- (Dh = 6.2 nm) and PEG10k-hemoCDs (9.0 nm) hardly passed through the blood vessels but were fully filtered by the kidney, resulting in high excretion rates. A considerable amount of PEG20k-hemoCD (Dh = 12.0 nm) was retained in the blood even at 6 h after administration. The present study demonstrates that the behaviour of hemoCD in blood after administration can be controlled by modification of hemoCD with PEG having an appropriate molecular weight.