The reaction of Co(CH3COO)2·4H2O with the Schiff base ligand LH4 derived from o-vanillin and tris(hydroxymethyl)aminomethane produces the dinuclear mixed-valence complex [CoIICoIII(LH2)2(CH3COO)(H2O)](H2O)3 (1), which has been investigated using IR spectroscopy, X-ray crystallography, temperature-dependent magnetic susceptibility, magnetization, HFEPR spectroscopy, and ac susceptibility measurements at various frequencies, temperatures, and external magnetic fields. The structure of 1 consists of neutral molecules in which two cobalt ions with distorted octahedral geometries, CoIIO6 and CoIIIN2O4, are bridged by two deprotonated -CH2O- groups of the two LH2 2- ligands. 1 completes a series with Cl, Br, NO3, and NCS anions published before by different authors. Low-temperature HFEPR measurements reveal that the ground electronic state of the Co(II) center in 1 is a highly anisotropic Kramers doublet; the effective g values of 7.18, 2.97, and 1.96 are frequency-independent over the frequency ranges 200-630, 200-406, and 200-300 GHz for the highest, intermediate, and lowest geff values, respectively. The two lower values were not seen at higher frequencies because the magnetic field was not high enough. Temperature-dependent magnetic susceptibility and field-dependent magnetization data confirm high magnetic anisotropy of the easy axis type. Complex 1 behaves as a single-ion magnet under a small applied external field and demonstrates two relaxation modes that strongly depend on the applied static dc field. The observation of multiple relaxation pathways clearly distinguishes 1 from the Cl and Br analogues.