N2O4 was easily impregnated on polyethyleneglycol to give a stable reagent. Polyethyleneglycol‐N2O4 (PEG‐N2O4) system was used as an effective oxidizing agent for the oxidation of urazoles and bis‐urazoles to their corresponding triazolinediones and also for the aromatization of 1,4‐dihydropyridines into the corresponding pyridine derivatives under mild conditions at room temperature with good to excellent yields.