A novel tetradentate N2O2 type Schiff base, synthesized from 1-phenyl-2,3-dimethyl-4-aminopyrazol-5-one(4-aminoantipyrine) and 3-salicylidene-acetylacetone, forms stable complexes with transition metal ions such as CuII, NiII, CoII and ZnII in ethanol. Microanalytical data, magnetic susceptibility, IR, UV-Vis.,1H-NMR, ESR and Mass spectral techniques were used to confirm the structures. Electronic absorption spectra of the complexes suggest a square-planar geometry around the central metal ion. These complexes show higher conductance values, supporting their electrolytic nature. The monomeric nature of the complexes was confirmed from their magnetic susceptibility values. Cyclic voltammogram of the copper(II) and nickel(II) complexes in DMSO solution at 300 K were recorded and the results are discussed. The X-band ESR spectra of the copper complex were recorded and the molecular orbital coefficient values were calculated from the spectra. The in vitro antimicrobial activities of the investigated compounds were tested against bacteria such as Klebsiella pneumoniae, Staphylococcus aureus, Bacillus subtilis and Escherichia coli and fungi like Aspergillus niger and Rhizoctonia bataicola. Most of the metal chelates show higher antimicrobial activity for the above microorganisms than that of the free ligand.