In the present work, a discrete dinuclear cadmium(II) complex Cd2(μ−H2L)(μ−OH)Cl2⋅H2O (1) and a dinuclear zinc(II) based 1D chain complex ({Zn2(L')(O2CCH3)}ClO4⋅3H2O)n (2) (where H3L = 2,6-bis{2-(2-hydroxyethylamino)ethylimino}methyl-4-methylphenol and H2L′ = bis-oxazoline (BOX) ligand), have been synthesized and characterized by single-crystal X-ray crystallography. The Cd2+ ions in the first case showed straight cut incorporation of metal ions within the ligand pockets. In case of zinc(II), the coordination induced oxazolidine ring formation resulted in macrocyclic ligand formation having two adjacent coordination pockets. In complex 2, the acetate ion acts as an O,O linker and joins the Zn2 nodes bound within the newly formed macrocyclic ligand bearing bis-oxazolidine rings to form 1D polymeric chain at the end. The H3L was next screened for its efficacy as selective fluorescence sensor for Mg2+ ions in aqueous MeOH medium. Steady state absorption and emission behaviour of H3L, 1 and 2 have been investigated. Time resolved fluorescence properties of H3L and the complexes 1 and 2 have been examined, and their lifetimes have been determined in 0.038–0.257 ns range. The cell viability in presence of H3L makes it a suitable candidate for application in live cell imaging studies.