Novel Mn(II), Co(II), Ni(II), Cu(II), Zn(II), Cd(II), and Hg(II) complexes (1–7) of hydrazide–hydrazone ligand (H2L) derived from the condensation of isonicotinic acid hydrazide with (Z)‐N′‐(2‐nitrobenzylidene)‐3‐oxobutanehydrazide have been prepared. The ligand and its chelates were characterized based on elemental analysis, spectral, thermal analysis, molar conductance, and magnetic moment measurements. Besides, density functional theory (DFT) computations have been conducted to study structures and energetics of the ligand and its complexes. The IR spectra showed that the ligand was chelated with the metal ion in a monobasic tridentate manner using ONO donors in all complexes except Zn(II) complex (5) where the ligand binds with Zn(II) ion as a dibasic tridentate utilizing ONO donors. The magnetic moment and electronic spectral data revealed octahedral and square pyramidal geometries for complexes (1, 7) and (2, 4, 5), respectively, whereas a square planar geometry was suggested for 3. DFT studies show that the Cd(II) center reveals interesting structural deviations from regular octahedral geometry in the resulting hexa‐coordinated complex [Cd(H2L)2].2H2O (6) assumes a trigonal prismatic (TP) structure for this complex. The antibacterial and antifungal activities of the ligand and its complexes have been investigated with different bacterial and fungal strains. The data revealed that Hg(II) complex (7) demonstrated a very good antibacterial and antifungal activity than others.Highlights A new hydrazide–hydrazone ligand of isonicotinic acid was synthesized. Seven mononuclear Mn(II), Co(II), Ni(II), Cu(II), Zn(II), Cd(II), and Hg(II) complexes of the new ligand were prepared and characterized by different tools. DFT studies have been carried out to study the structure of the ligand and its complexes. Antimicrobial activities of the ligand and its complexes were studied against a variety of bacterial and fungal strains by using disk diffusion method and results were compared with standard drugs.