A series of new functionalized 2-benzoylamino-5-hetaryl-1,3,4-oxadiazoles were efficiently synthesized via the reaction of the versatile key intermediates, 2-benzoylamino-5-cyanomethyl-1,3,4-oxadiazole (1) and N-(5-(5-amino-3-phenylamino)-1H-pyrazol-4-yl)-1,3,4-oxadiazol-2-yl)-benzamide (13), with some appropriate electrophilic reagents. The structures of the newly synthesized compounds were established on the basis of elemental analyses, spectral data, and by alternative synthesis wherever possible. The mechanisms of the studied reactions are discussed. Also, we evaluate the antioxidant activity of some representative examples of the newly prepared compounds. Among the synthesized compounds, 2-benzoylamino-5-cyanomethyl-1,3,4-oxadiazole (1) and N-(5-(7-methyl-5-oxo-2-(phenylamino)-4,5-dihydropyrazolo[1,5-a]pyrimidin-3-yl)-1,3,4-oxadiazol-2-yl)benzamide (17) showed excellent antioxidant activity and exhibited high protection against DNA damage induced by the Bleomycin iron complex.