The quadridentate tetraaza ligand (H2L) containing dioxime function groups and its palladium (II) complex [PdL] were synthesized and structurally characterized by analytical and various spectroscopic techniques (MS‐ES, 1HNMR, FTIR, UV–Vis, and PXRD in addition to SEM and EDX analysis). Processing powder X‐ray diffraction data and DFT calculations coupled with spectroscopic measurements revealed slightly distorted square planar stereochemistry. The anticancer activity of the newly synthesized dioxime palladium (II) complex, [PdL], has been studied and the findings of this study emphasize that [PdL] complex potentially combats cancer by exhibiting diverse cytotoxic impacts. These effects include reduced cell mitosis, decreased metastasis of MDA‐MB‐231 cancer cells, inhibition of topoisomerase II, and induction of apoptotic cell death. In conclusion, the present palladium (II) complex could be a potential therapeutic drug in breast cancer because it can reduce topoisomerase II expression, which is essential in metastasis. This inhibition also reduces the expression of CDK1, which plays an important role in cell cycle regulation.