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This article describes the synthesis, structural aspects and biological studies of Co(II), Ni(II), Cu(II) and Zn(II) complexes of a new hydrazone derived from the condensation of isatin and 2-aminobenzoylhydrazide. The ligand is well characterized using 1 H NMR, 13 C NMR, 2D HETCOR, mass and IR spectral studies. The chelating tendency of the ligand towards transition metal ions is established using analytical and spectral studies, which reveal the monobasic tridentate nature of the ligand. Octahedral geometry for Co(II), Cu(II) and Zn(II) and tetrahedral geometry for Ni(II) are tentatively proposed. All the synthesized compounds were screened for in vitro anticancer activity against Ehrlich ascites carcinoma and human cancer cell lines (adenocarcinoma HT29, kidney cancer cell line K293 and breast cancer cell line MDA231) using tryphan blue exclusion method and MTT assay.