The microwave assisted catalytic oxidation of olefins into diketones is a remarkable effort. A new metal free, efficient catalytic system was developed for the oxidation of alkenes into α‐diketones using KI‐I2‐DMSO under microwave irradiation. With various challenging functional groups such as stilbenes, simple alkenes, alkynes, phenanthrene and 1,4‐distyrylbenzene, this environment friendly approach afforded to its corresponding products in moderate to excellent yields in 5–12 minutes under the optimized condition. The resulting α‐diketone from chlorobenzil was found to undergo Suzuki‐Miyaura cross‐coupling reaction to obtain desired product in high yields. Thus, this methodology promises to be a cheaper and rapid synthesis for the production of different building blocks in the near future.