A phosphorus‐containing Schiff base was prepared from bis{3‐[2‐(4‐amino‐1,5‐dimethyl‐2‐phenylpyrazol‐3‐ylideneamino)ethyl]indol‐1‐ylmethyl}phosphinic acid and paraformaldehyde as a novel antibacterial compound. The reaction of the Schiff base ligand with VO(IV), Ni(II), Co(II), Cu(II), Zn(II), Cd(II), Hg(II), Pd(II) and Pt(IV) led to binuclear species of metal complexes, depending on the ratio of metal ion and ligand. The ligand and its complexes were investigated using elemental analysis, Fourier transform infrared, ¹H NMR, ¹³C NMR, UV–visible and mass spectra, thermogravimetric analysis, conductivity measurements and thermal analysis. The results showed that the Schiff base behaves as a tetradentate ligand; moreover, on the basis of conductance results, of all the prepared complexes are non‐electrolytes, excepting the Pt(IV) complex. The metal complexes were found to be formed with a metal‐to‐ligand ratio of 2:1, except for the Pt(IV) complex with a ratio of 1:1. The activation thermodynamic parameters (ΔE*, ΔH*, ΔS*, ΔG* and K) and the activation energy of thermal decomposition were determined from thermogravimetric analysis using the Coats–Redfern method. The biological activities of the metal complexes were screened against the growth of bacteria and fungi in vitro to assess the antimicrobial potential and study the toxicity of the compounds. The prepared compounds have noteworthy antimicrobial properties.