Functionalized pyridyl ditopic ligands 1,2‐phenylene diisonicotinate (pdi) (L1) and N,N′‐4‐pyridylcarboxamide‐4‐pyridylcarboxyl‐1,2‐benzene (pcpcb) (L2) comprising ester/ester and amide backbone have been synthesized and utilized for the preparation of novel series of chalcogenolato‐bridged rhenium(I) metallacycles [(CO)3Re(μ‐ER)2Re(CO)3(μ‐pdi)] (1–4) and [(CO)3Re(μ‐ER)2Re(CO)3(μ‐pcpcb)] (5–8) (E=S, Se and Te; R=butyl and phenyl). Synthesis of metallacycles 1‐8 has been accomplished by the oxidative addition of dialkyl/diaryl dichalcogenide to rhenium carbonyl with ester/ester and amide functionalized pyridyl ditopic ligand in one‐pot reaction. The pyridyl ligands and metallacycles were characterized by elemental analysis, IR, NMR and UV‐Vis absorption spectroscopic techniques. Molecular structure of the metallacycles 2–4 and 7 were determined by single‐crystal X‐ray diffraction methods. Preliminary cytotoxic activities of the ligands and metallacycles were studied on various cancer and normal cells. The results revealed that the metallacycles selectively inhibited certain cancer cells but not the normal cells.