Photocatalytic generation of hydrogen peroxide, H2O2, has gained increasing attention in recent years, with applications ranging from solar energy conversion to biophysical research. While semiconducting solid-state materials are normally regarded as the workhorse for photogeneration of H2O2, an intriguing alternative for on-demand H2O2 is the use of photocatalytic organic dyes. Herein we report the use of water-soluble dyes based on perylene diimide molecules which behave as true molecular catalysts for the light-induced conversion of dissolved oxygen to hydrogen peroxide. In particular, we address how to obtain visible-light photocatalysts which are stable with respect to aggregation and photochemical degradation. We report on the factors affecting efficiency and stability, including variable electron donors, oxygen partial pressure, pH, and molecular catalyst structure. The result is a perylene diimide derivative with unprecedented peroxide evolution performance using a broad range of organic donor molecules and operating in a wide pH range.