New Schiff base compound N,N'-bis-(4-hexadecanate)-salicylethylenediamine (named IM) was synthesized, and characterized via infrared and nuclear magnetic ressonance spectroscopies. IM was tested as corrosion inhibitor and antioxidant in soybean biodiesel. Corrosion studies were developed with AISI 1020 carbon steel in a three-step accelerated corrosion assay and IM inhibitory activity was evaluated using microscopic techiniques: optical microscopy (OM), scanning electron microscopy (SEM) and atomic force microscopy (AFM). In 750 ppm concentration, IM showed better inhibitory activity compared to commercial compounds tert-butylhydroquinone and pyrogallol, reducing root-mean-square roughness (Rq) from 37.8 to 11.7 nm and peak-peak height (PP) from 454.1 to 120.2 nm after 8 days of immersion. Antioxidant studies were conducted using the PetroOXY equipment. In 250 ppm concentration, IM showed better antioxidant activity as metal chelator, reducing biodiesel oxidation induced by copper on biodiesel. In this concentration, IM increased the induction period from 3.0 to 5.8 h. Furthermore, the new Schiff base acts as an oxygen scavanger. This is a great property because it reduces oxygen concentration in biodiesel, reducing metal corrosion reactions.