In an effort to use a polymer carrier for the maintenance of biological activity of metal complexes; in this report, a novel cobalt(III) complex, trans‐[Co(en)2(mtzt)2]NO3 (1) was prepared (en=ethylenediamine and Hmtzt=1‐methyl‐1‐H‐1,2,3,4‐tetrazol‐5‐thiol) and fully characterized. A biocompatible di‐block polymer, containing poly lactic‐co‐glycolic acid and poly ethylene glycol (PLGA‐PEG), was employed as the nanocarrier of complex 1 to achieve more efficacy and controlled drug release. Results illustrated that the successful loading of the cobalt complex on the PLGA‐PEG polymer as well as pH dependent drug release with approximately 17%, 58% and 74% release within 168 hours at pH=7.4, 5.8 and 4.8 respectively. Antibacterial properties of complex 1 and corresponding nanocarrier have been determined against gram‐negative (Escherichia coli) and gram‐positive (Staphylococcus aureus) bacteria where the loading of the complex on nanocarrier enhances its antibacterial activity. Their anticancer activity was also evaluated over human ovarian carcinoma cells and compared with cisplatin.