A new series of diazadioxa oxovanadium(IV) macrocyclic complexes of type [VO(mac)]SO(4) have been synthesized via the condensation reaction of a 3-(phenyl/substituted phenyl)-4-amino-5-hydrazino-1,2,4-triazole (H(2)L) with salicylaldehyde/2-hydroxyacetophenone and 1,4-dibromobutane in the presence of oxovanadium(IV) sulfate in ethanol. All the newly synthesized compounds were characterized on the basis of elemental analyses, conductance measurements, magnetic properties, spectral (UV-Vis, IR, EPR) and XRD studies. The particle size of the complexes has been calculated from XRD spectra using Debye-Scherrer formula and these are found to be in 31-32 nm range. The efficacy of two macrocyclic complexes was also studied in streptozotocin-induced diabetic rats over a period of 30 days. The administration of these complexes in diabetic rats reversed the diabetic effect due to their insulin-mimetic effects.