The oxovanadium(IV) complex of oxodiacetic acid (H<sub>2</sub>ODA) and 2,2’-bipyridine (bipy) of stoichiometry [VO(ODA)(bipy)]⋅H<sub>2</sub>O, was thoroughly characterized by infrared, Raman and electronic spectroscopies. The biological activity of the complex on the cell proliferation was tested on osteoblast-like cells (MC3T3E1 osteoblastic mouse calvaria-derived cells and UMR106 rat osteosarcoma-derived cells) in culture. The complex caused inhibition of cellular proliferation in both osteoblast-like cells in culture, but its action was statistically stronger in the tumoral cells. This effect was specially marked with increasing concentrations of the complex. Based on these preliminary biological results, [VO(ODA)(bipy)]⋅H<sub>2</sub>O can be considered as a good candidate to be further investigated in relation to cancer treatment.