A series of new pyrano[4,3‐b]quinoline‐1,9(5H)‐dione derivatives were synthesized via one‐pot three‐component reaction using 6‐methyl‐4‐(arylamino)‐2H‐pyran‐2‐ones, aldehydes, and 1,3‐cyclohexanediones as substrates. The application of 4‐methylbenzenesulfonyl chloride activated the hydroxyl group of pyranone and avoided the forming of ring opening product. The reaction proceeds smoothly and gives biological and pharmacological active substituted pyrano[4,3‐b]quinoline‐1,9(5H)‐dione derivatives with good to excellent yields under green conditions. A plausible mechanism for the domino process is proposed.