Novel tridentate ONO hydrazone ligand (HL) and the corresponding vanadium(V) complex, [VO(HL)(Benz)], based on the ligand and benzhydroxamic acid, were synthesized and characterized using UV–visible, Fourier transform infrared, NMR and mass spectral studies. In order to assess the binding efficacy of the synthesized complex with DNA, UV absorption spectral titrations, fluorescence displacement assays using ethidium bromide and acridine orange dyes, circular dichroism, viscosity and molecular docking studies were carried out. Based on the results obtained, it is evident that the complex shows significant intercalating ability almost comparable to that of the standard intercalator drug cisplatin. The binding affinity values for the [VO(HL)(Benz)] complex and cisplatin were found to be (3.84 ± 0.08) × 104 M−1 and (4.27 ± 0.012) × 104 M−1. In addition, the cytotoxicity of [VO(HL)(Benz)] was also assessed by MTT assay against the MCF‐7 cell line.