Diaqua(dipicolinato)oxovanadium (IV) ethanol solvate crystallizes in the triclinic space group P1. The complex was characterized by FTIR, elemental analysis, thermal gravimetric analysis, and solution visible spectral analysis. The complex alone cleaved DNA in the absence of hydrogen peroxide and its nucleolytic efficiency is greater than that of VOSO 4 . Its nucleolytic efficiency is affected by the choice of buffer used and pH. DNA cleavage can be inhibited by DMSO, NaN 3 and catalase, implying involvement of ROS. An MTT assay, involving the lung cancer cell line PC9, gave IC 50 values of 9.5 µM and 16 µM for the complex and VOSO 4 respectively. For breast cancer cell line MCF-7, this complex is less cytotoxic, with an IC 50 of 16 µM.