Condensation of 2,4‐dihydroxyacetophenone with isonicotinoyl hydrazide and nicotinoyl hydrazide in an equimolar ratio in methanol results in the formation of two stable ONO donor ligands, H2dhap‐inh (I) and H2dhap‐nah (II), respectively. These ligands react with [VIVO(acac)2] (Hacac=acetylacetone) in 1:1 molar ratio to give the corresponding neutral dioxidovanadium(V) complexes, [VVO2(Hdhap‐inh)] (1) and [VVO2(Hdhap‐nah)] (2), after overnight aerial oxidation in the presence of K2CO3. In the absence of K2CO3, they result in (μ‐O){bisoxidovanadium(V)} complexes, [{VVO(dhap‐inh)}2(μ‐O)] (3) and [{VVO(dhap‐nah)}2(μ‐O)] (4). Treatment of neutral dioxidovanadium(V) complexes, 1 and 2, with H2O2 yields oxidoperoxidovanadium(V) complexes K[VVO(O2)(dhap‐inh)(H2O)] (5) and K[VVO(O2)(dhap‐nah)(H2O)] (6). The ligands also react with [MoVIO2(acac)2] in 1:1 molar ratio to form [MoVIO2(dhap‐inh)]n (7) and [MoVIO2(dhap‐nah)]n (8). The reaction of oxidoperoxidomolybdenum(VI) species, generated in situ by the reaction of MoO3 with H2O2 with ligands I and II, gives the oxidoperoxidomolybdenum(VI) complexes, [MoVIO(O2)(dhap‐inh)(MeOH)] (9) and [MoVIO(O2)(dhap‐nah)(MeOH)] (10), respectively. All synthesized complexes are characterized by elemental analysis, thermogravimetric, electrochemical, spectroscopic (IR, UV–Vis, 1H, 13C and 51V NMR) and single crystal X‐ray diffraction (for 1, 2 and 8). Complexes are explored as catalysts for the oxidative bromination of phenol, a model oxidative halogenation reaction, in the presence of HClO4 and KBr, using 30% H2O2 as oxidant. Under optimized reaction conditions, the product selectivity follows the order: 4‐bromophenol>2‐bromophenol, both for molybdenum and vanadium complexes. Products characterized by GC analysis showed very good conversion of phenol.