The novel Schiff base ligand 5-chloro-N'-(2-hydroxy-4-phenyldiazenyl)benzylidene)-3-phenyl-1H-indole-2- carbohydrazide and its Cu(II), Co(II), Ni(II) and Zn(II) complexes were prepared, characterized and studied their biological activity. Newly prepared compounds are characterized by elemental analysis and various physicochemical techniques like FT-IR, 1H NMR, ESI-mass, UV-visible, TGA analysis, molar conductance and ESR spectral techniques. The elemental analysis data and spectral study indicate octahedral geometry for Cu(II), Co(II) and Ni(II) complexes and tetrahedral geometry for Zn(II) complex. All the compounds were screened for their antibacterial and antifungal activity by MIC method. Further, antioxidant activity was performed by using 2,2- diphenyl-1-picryl-hydrazyl (DPPH) and DNA cleavage activity by Agarose Gel Electrophorosis method. All the newly prepared compounds were tested for antioxidant activity, the ligand (L), Cu(II) and Co(II) complexes showed good activity.