The stability constants of complexes of the macrocyclic ligand do3a‐pic4– (H4do3a‐pic = 2,2′,2″‐{10‐[(6‐carboxypyridin‐2‐yl)methyl]‐1,4,7,10‐tetraazacyclododecane‐1,4,7‐triyl}triacetic acid) with several divalent metal ions (Pb2+, Cd2+, Zn2+, Cu2+, Ca2+, and Mg2+) have been determined by using pH‐potentiometric titrations (I = 0.1 M KCl, 25 °C). The stability of these complexes follows the trend Cu2+ > Cd2+ ≈ Pb2+ ≈ Zn2+ >> Ca2+ >> Mg2+. A particularly high stability constant has been determined for the Cu2+ complex [log KCuL = 23.20(4)]. Analysis of the titration curves indicate the presence of protonated forms of the complexes in solution, with protonation constants of log KM(HxL) = 6.9–2.0 (x = 1, 2, or 3). The structure of the complexes in solution has been investigated by using 1H and 13C NMR spectroscopy and DFT calculations performed in aqueous solution at the TPSSh/6‐31G(d) level. In the case of the Pb2+ and Cd2+ complexes, relativistic effects were considered with the use of relativistic effective core potentials. Calculations show that the complexes with the largest metal ions (Pb2+ and Ca2+) are nine‐coordinate, with their coordination polyhedra being best described as capped twisted square antiprisms. The Cd2+ and Mg2+ complexes are seven‐coordinate, with the metal ions being bound to the four nitrogen atoms of the cyclen unit and the three acetate pendant arms. Finally, in the Cu2+ and Zn2+ complexes, the metal ions are six‐coordinated, with the metal ions being asymmetrically placed inside the macrocyclic cavity of the ligand, and the coordination polyhedra can be described as an octahedron and a trigonal prism, respectively.