We have investigated the electronic structures of axially oxo functionalized titanylphthalocyanine (TiOPc) on Ag(111) by X-ray and ultraviolet photoelectron spectroscopies, two-photon photoemission, X-ray absorption spectroscopy, and X-ray magnetic circular dichroism. Furthermore, we use complementary data of TiOPc on graphite and planar copper phthalocyanine (CuPc) on Ag(111) for a comparative analysis. Both molecules adsorb on Ag(111) in a parallel orientation to the surface, for TiOPc with an oxygen-up configuration. The interaction of nitrogen and carbon atoms with the substrate is similar for both molecules, while the bonding of the titanium atom to Ag(111) in the monolayer is found to be slightly more pronounced than in the CuPc case. Ultraviolet photoemission spectroscopy reveals an occupation of the lowest unoccupied molecular orbital (LUMO) level in monolayer thick TiOPc on Ag(111) related to the interaction of the molecules and the silver substrate. This molecule-metal interaction also causes an upward shift of the Ag(111) Shockley state that is transformed into an unoccupied interface state with energies of 0.23 and 0.33 eV for the TiOPc monolayer and bilayer, respectively, at the Brillouin zone center.