A novel series of hydrazide-hydrazone derivatives incorporating 1,2,4-triazole and 1,2,4-oxadiazole scaffolds was synthesized through multistep condensation and cyclization reactions starting from 4-nitrobenzohydrazide. The structures of the synthesized compounds (MI-1 to MI-9) were confirmed by FTIR, 1H NMR, and 13C NMR spectroscopy, complemented by elemental and mass analyses. Their antioxidant potential was assessed in vitro using the 2,2-diphenyl-1-picrylhydrazyl (DPPH) radical scavenging assay, where several derivatives demonstrated comparable or superior activity to ascorbic acid. To elucidate structure–activity relationships, density functional theory (DFT) calculations were performed to analyze optimized geometries, frontier molecular orbitals (HOMO–LUMO), and molecular electrostatic potential (MEP) surfaces. Furthermore, molecular docking studies against the Keap1–Nrf2 complex revealed favorable binding interactions for select compounds, highlighting their potential as antioxidant modulators through Nrf2 pathway activation. The combined spectroscopic, theoretical, and docking insights provide a comprehensive understanding of the structure–activity relationships of these novel heterocyclic derivatives and support their potential application as antioxidant therapeutic leads.