Novel Schiff base [N′,N′″‐(((ethane‐1,2‐diylbis(oxy))bis(2,1‐phenylene))bis(methanylylidene))di(benzohydrazide)] was formed by the condensation reaction of benzohydrazide with 2,2′‐(ethane‐1,2‐diylbis(oxy))dibenzaldehyde. Its reaction with various metal ions was studied and the structures of the new products were characterized using common analytical and spectroscopic methods. All the metal complexes have pronounced anticancer activities. The antimicrobial activities against Gram‐negative and Gram‐positive bacteria were investigated.