A one‐pot quick and efficient multicomponent reaction has been developed for the synthesis of a new series of functionalized 8‐hydroxy‐4‐phenyl‐1,2‐dihydroquinoline derivatives using 30 mol% ammonium acetate in ethanol as solvent. This economical protocol run smoothly to give variety of quinoline derivatives in 55% to 98% yield from inexpensive reagents and catalyst in mild reaction conditions. Various spectroscopic techniques like FTIR,
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H NMR and
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C NMR, MALDI‐TOF‐MS, and EI‐MS were used to study and confirm their structure.