We investigate optical magnetism and optical activity in a simple planar metamolecule composed of double U-shaped metal split ring resonators (SRRs) twisted by 90° with respect to one another. Compared to a single SRR, the resonant energy levels are split and strong magnetic response can be observed due to inductive and conductive coupling. More interestingly, the nonchiral structures exhibit strong optical gyrotropy (1100°/λ) under oblique incidence, benefiting from the strong electromagnetic coupling. A chiral molecule model is proposed to shed light on the physical origin of optical activity. These artificial chiral metamaterials could be utilized to control the polarization of light and promise applications in enantiomer sensing-based medicine, biology, and drug development.