Four complexes with bidentate N,N-donors 2-(furan-2-yl)-5-(pyridin-2-yl)-1,3,4-oxadiazole (fpo) and 2-(pyridin-2-yl)-5-(thiophen-2-yl)-1,3,4-oxadiazole (pto) with general formula [M-(L) 2 (NCS) 2 ] (M = Co(II), L = fpo for (1); M = Co(II), L = pto for (2); M = Fe(II), L = fpo (3); M = Fe(II), L = pto (4)) are reported. Analysis and characterization of the samples was performed using standard physico-chemical techniques-elemental analysis, nuclear magnetic resonance, Fourier transform infrared spectroscopy, single-crystal X-ray diffraction. Magnetic properties for 1-4 revealed large magnetic anisotropy of Co(II) complexes, and AC susceptibility measurements confirmed their single-molecule magnetic behaviour. Furthermore, the theoretical calculations at DFT and CASSCF/NEVPT2 level of theory were exploited to better understand magnetism of these compounds.