A novel Schiff base (SB) derivative, (E)-3-(1-((2,6-diisopropylphenyl)-imino)-ethyl)-4‑hydroxy-6-methyl-2H-pyran-2-one, was synthesized in a high yield through the direct condensation of 2,6-diisopropylaniline with 3-acetyl-4‑hydroxy-6-methyl-2H-pyran-2-one in ethanol under reflux conditions. The synthesized ligand was identified using different elemental analysis (CHN-EA) and spectroscopic techniques (2D-nuclear magnetic resonance (1H- & 13C- NMR), Fourier transform infrared (FT-IR) and mass (MS) spectroscopies), and their structural analysis was performed by single crystal X-ray diffraction (XRD). In addition, the thermogravimetric behavior of the ligand was evaluated using thermogravimetric analysis (TGA) and differential thermal analysis (DTA). The DFT calculations on the gaseous state and in chloroform as solvent using B3LYP-D3/6–311++G(2d,p) and the HSA calculations were performed to examine the stability of the tautomeric forms of the ligand and to understand its Zwitterionic behaviors. The results showed that the ligand exhibits a zwitterionic form stabilized by an intramolecular single proton transfer process between the enol and imine tautomerism. The enol↔imine tautomerization was determined by XRD and computed by DFT/HSA calculations, which proved the stabilization of the [N+−−H⋯O−−] zwitterionic form via S6 intra-H-bond. In addition, the Colorimetric [3-(4,5-dimethylthiazol-2-yl)-2,5-diphenyltetrazolium bromide (MTT) assay showed that the ligand exhibits high activity against cancer cells, specifically HeLa cells, at low concentrations.