A new complex of ytterbium(III) nitrate with bis(N-salicylidene)-3-oxapentane-1,5-diamine (H2L), with the composition Yb2(L)2(NO3)2·2H2O, was synthesized and characterized by physic-chemical and spectroscopic methods. The crystal structure of the ytterbium(III) complex has been determined by single-crystal X-ray diffraction. It reveals a centrosymmetric binuclear neutral entity where Yb(III) metal centers are bridged by two phenoxo oxygen atoms. Electronic absorption titration spectra, ethidium bromide displacement experiments, and viscosity measurements indicate that both the ligand and the Yb(III) complex can bind calf thymus DNA, presumably via a groove binding mechanism. Furthermore, the antioxidant activities of the Yb(III) complex were determined by a superoxide and hydroxyl radical scavenging method in vitro, which indicates that it is a scavenger for OH and O2− radicals.