Co(II), Ni(II), Cu(II) and Zn(II) complexes of a novel tridentate heterocyclic ligand, 3‐{[(2‐benzoyl‐4‐chlorophenyl)imino]methyl}quinoxalin‐2(1H)‐one, have been synthesized. The ligand and the metal complexes were characterized using elemental analysis, molar conductance and magnetic susceptibility measurements, and UV–visible, Fourier transform infrared, 1H NMR, 13C NMR, electron spin resonance and DART mass spectral data. The ligand behaves as a tridentate one, coordinating through two oxygen atoms from two keto groups and through the azomethine nitrogen atom. The thermal properties of the newly synthesized compounds were determined using thermogravimetric analysis. The ligand and its metal complexes were subjected to powder X‐ray diffraction analysis by which average crystallite size and unit cell parameters were calculated. The electrochemical behaviour of the compounds was studied using cyclic voltammetry. The ligand and the metal complexes were screened for their in vitro antimicrobial activities against the bacterial strains E. coli, K. pneumoniae, S. pneumoniae and S. aureus and the fungal species A. niger, A. flavus, P. chrysogenum and R. stolonifer. DNA binding, DNA cleavage and antioxidant activities of the compounds were also evaluated. The compounds bind with DNA through groove binding. The Cu(II) and Zn(II) complexes exhibit higher superoxide anion and hydrogen peroxide scavenging activities, respectively. The Cu(II) complex exhibits better anticancer activity against the MCF7 cell line. The compounds were subjected to molecular docking study against B‐DNA dodecamer d(CGCGAATTCGCG)2 and vascular endothelial growth factor receptor kinase to justify the experimental DNA binding and MTT assay. Density functional theory studies were used to optimize the geometry of the compounds and to calculate the nonlinear optical properties. Copyright © 2016 John Wiley & Sons, Ltd.