A schiff base acetone semicarbazone has been synthesized and characterized. Its anticancer activities have been studied against Ehrlich Ascites Carcinoma (EAC) cells in swiss albino mice by monitoring the parameters like tumour cell growth inhibition, tumour weight, survival time, peritoneal cells and haematological parameters. It was found that this compound significantly reduces tumour cell growth rate, decreases tumour weight and increases life span in comparison to those of EAC bearing mice. The test compound restored the depleted haematological parameters of EAC bearing mice towards normal. The compound also enhanced number of macrophages in normal mice. The results obtained were compared with those obtained with the standard drug bleomycin.