A series of neodymium(III) and samarium(III) complexes of type [Ln(L)Cl(H₂O)₃] have been synthesized with Schiff bases (LH₂) derived from 3‐(phenyl/substituted phenyl)‐4‐amino‐5‐mercapto‐1,2,4‐triazoles and isatin. The structures of the complexes were established using elemental analysis, molar conductivities, magnetic moments, infrared, NMR (¹H, ¹³C) and UV–visible spectra, X‐ray diffraction and mass spectrometry. The thermal behaviour of these compounds under non‐isothermal conditions was investigated using thermogravimetry and differential thermogravimetry. The intermediates obtained at the end of various thermal decomposition steps were identified from elemental analysis and infrared spectral studies. All the ligands and their complexes were also screened for their antibacterial activity against Staphylococcus aureus and Bacillus subtilis and antifungal activity against Aspergillus niger, Aspergillus flavus and Colletotrichum capsici. The screening results were correlated with the structural features of the compounds. Copyright © 2015 John Wiley & Sons, Ltd.