Unsymmetric Schiff‐base metalloligand precursor 2 is synthesized by condensation of phenol‐functionalized ferrocenylenaminone 1 with 2‐hydroxy‐5‐nitrobenzaldehyde. Heterobimetallic complexes 3 and 4 result from the N2O2‐tetradentate coordination of NiII and PdII metal ions with the doubly deprotonated form of 2, respectively. Linking 3 and 4 to polyacrylic acid through an esterification reaction leads to the formation of the corresponding side‐chain metallopolymers 5 and 6. The new compounds were fully characterized (IR, UV/Vis, NMR, MS, CV, SEC) and structures of 2–4 unequivocally determined by single‐crystal X‐ray diffraction techniques. Decomposition temperatures higher than 250 °C were found by DSC and TGA techniques for 3–6. Harmonic light scattering measurements showed that compounds 2–5 exhibit rather high second‐order nonlinear responses, between 200 × 10–30 and 970 × 10–30 esu, with the hyperpolarizability β1.91 value increasing significantly on passing from NiII complex 3 to its respective metallopolymer 5. The structural and electronic properties of 2–4 are analyzed by DFT and TD‐DFT calculations.