Novel selenated azomethine ligand (MSeOH) and its Zn(II), Fe(II), and Cu(II) chelates were synthesized. Their chemical structures were confirmed by molar conductivity, thermal analysis, X‐ray diffraction, IR, NMR, and MS spectroscopic techniques. The antitumor and antimicrobial properties were evaluated against various mammalian cells and pathogenic strains. Furthermore, the antioxidant activities were also assessed using DPPH and SOD bioassays. To gain a deeper understanding of the molecular structure and electronic properties of these complexes, a density functional theory (DFT) study was conducted. The parameters examined in this study provide valuable insight into the bonding, electronic properties, reactivity, and polarity of the compounds under investigation. The biological and theoretical results point to promising activities of the selenated ligand and its complexes.