New derivatives of substituted 2‐(ortho‐hydroxyaryl)cyclopenta[b]pyridines were synthesized by pseudo‐five component reaction of cyclopentanone, two molecules of aromatic aldehyde, Kröhnke salt of ortho‐hydroxy substituted aromatic ketone and ammonium acetate. On the basis of the counter four‐component synthesis, the path of this transformation has been established. The fluorescent properties of the obtained structures are considered in chloroform under neutral, acidic conditions (TFA added) and in the solid state.