The synthesis, characterization, spectral, antioxidant, and antibacterial properties of methyl 2-(oxy)-2,2-diphenylacetate substituted metallophthalocyanines (4-7) are reported. A novel phthalonitrile, methyl 2-(2,3-dicyanophenoxy)-2,2-diphenylacetate (3) was prepared and characterized. The new compounds were characterized by using electronic absorption spectroscopy, nuclear magnetic resonance spectroscopy, infrared spectroscopy, and elemental analysis. All compounds were tested for their antioxidant activity by using 2,2-diphenyl-1-picrylhydrazyl radical scavenging ability, metal chelating, and reducing power. Furthermore, these compounds were screened for their in vitro growth inhibiting activity by disc diffusion method against four gram positive and two gram negative bacteria. The electronic data of the new compounds were obtained by computational calculations at B3LYP/6-31G(d,p) level of theory.