Flavonoids are polyphenolic compounds of natural origin. They are extensively studied within drug discovery programs due to their wide ranging biological activities such as antimicrobial, antioxidant, antitumor, neuroprotective and cardioprotective properties. The ability of flavonoids to coordinate with metal atoms has provided new leads for drug discovery programs, with better pharmacological activities and clinical profiles than the parent flavonoids. In this review, the enhanced antioxidant and anticancer activities of flavonoid metal complexes versus the parent flavonoids are discussed. Possible mechanisms of action for the metal complexes, such as DNA binding and apoptosis induction, are also presented alongside an overview of the synthesis of the metal complexes, and the different techniques used for their characterization.