Acetic acid‐mediated three‐component double Friedel–Crafts alkylation reaction for the synthesis of α, α‐diaryl oxindole derivatives is demonstrated. The reaction is successful with various isatin, indole, and N, N‐disubstituted aniline derivatives. The efficiency of the reaction is further enhanced by a four‐component reaction of isatin, electrophiles and acetic anhydride for the synthesis of N‐acylated 3,3‐diaryl oxindole derivatives facilitated by dual activation of C3 and N1 acetylation in a single‐step. Various unsymmetrical and symmetrical 3,3‐diaryl oxindoles were prepared in single‐step MCR reaction under easy to operate reaction conditions.