A new bipyrazolo [1,5‐a]pyrimidine derivative, 2,2′,5′‐trimethyl‐7‐oxo‐4,7‐dihydro‐[6,7′‐bipyrazolo[1,5‐a]pyrimidine]‐3,3′‐dicarbonitrile dihydrate acetic acid solvate (3) has been synthesized via two different methods and characterized by single‐crystal X‐ray diffraction (XRD) and spectroscopic techniques. A plausible reaction mechanism in the synthesis of 3 through the two synthetic routes used has been proposed. The XRD analysis reveals that the two bicyclic moieties in 3 are close to perpendicular to one another. Some formal double bonds appear localized while others appear to involve some delocalization. In the crystal structure, a layer structure is formed by OH⋯O, OH⋯N and NH⋯O hydrogen bonds, along with weak CH⋯O and π‐stacking interactions. The energy framework indicates that the packing of 3 is mainly determined by dispersion interactions between molecules. The frontier molecular orbital analysis shows that 3 may act more as a nucleophile than an electrophile. The analysis of the Hirshfeld surface maps and 2D fingerprint plots of 3 reveal that intermolecular hydrogen bonding and H⋯H, N⋯H and O⋯H contacts are the major ones between the units of 3. The antibacterial activity of 3 is explored by its molecular docking into the binding site of tyrosyl‐tRNA synthetase, where it formed a stable complex with the amino acids of tyrosyl‐tRNA synthetase mainly through hydrogen bonding.