A novel water soluble ligand-bridged cobalt(II) coordination polymer has been synthesized by reacting the new ligand, 2-oxo-1,2-dihydroquinoline-3-carbaldehyde (isonicotinic) hydrazone (H₂L) with Co(NO₃)₂·6H₂O and characterized by spectral, analytical and structural methods. Single crystal X-ray diffraction studies revealed that the Co(II) complex, {[Co(H₂L)(H₂O)₂](NO₃)₂·3H₂O}_n has a slightly distorted octahedral geometry around the central Co(II) ion; the ligand is coordinated through the ONO donor atoms to one Co(II) metal center and bridged through the pyridine nitrogen atom to another similar Co(II) center so as to form a one-dimensional polymeric unit. The interaction of the ligand and the complex with calf thymus DNA (CT-DNA) has been explored by absorption and emission titration methods, which revealed that the compounds could interact with CT-DNA through intercalation. The interactions of the compounds with bovine serum albumin (BSA) were also investigated using UV–visible, fluorescence and synchronous fluorescence spectroscopic methods. The results indicated that the complex exhibited a strong binding to BSA over the ligand. Investigation of the antioxidative properties showed that the polymeric Co(II) complex has a strong radical scavenging potency against hydroxyl radicals, 2,2-diphenyl-1-picrylhydrazyl radicals, nitric oxide and superoxide anion radicals. Further, the cytotoxic effect of the compounds examined on cancerous cell lines, such as human cervical cancer cells (HeLa), human laryngeal epithelial carcinoma cells (HEp-2), human liver carcinoma cells (Hep G2), human skin cancer cells (A431) and non-cancerous NIH 3T3 mouse embryonic fibroblasts cell lines showed that the complex exhibited substantial anticancer activity.