The Schiff base 1‐benzyl‐N‐(3,5‐di‐tert‐butylsalicylidene)piperidin‐4‐amine (HL) and its acetatopalladium(II) complex having the formula [Pd(L)(OAc)] were synthesized. Both HL and [Pd(L)(OAc)] were characterized using elemental analysis and various spectroscopic (infrared, UV–visible, 1H NMR and 13C NMR) and mass spectrometric measurements. The molecular structure of the complex was determined using X‐ray crystallographic analysis. In the complex, the pincer‐like NNO‐donor L− and the monodenate OAc− provide a distorted square‐planar N2O2 coordination environment around the metal centre. The physicochemical properties and the spectroscopic features of [Pd(L)(OAc)] are consistent with its molecular structure. The complex was found to be an effective catalyst for the Suzuki–Miyaura cross‐coupling reactions of hydroxyaryl halides with arylboronic acids in predominantly aqueous media. The reactions afforded hydroxybiaryl products in good to excellent yields with a wide substrate scope.