Synthesis of novel functionalized triphenylphosphanylidene‐7,9‐diazaspiro[4.5]dec‐1‐ene‐2‐carboxylates has been reported by one‐pot three component reactions of triphenyl phosphine, dialkyl acetylene dicarboxylates, and 5‐arylidene‐1,3‐dimethylpyrimidine‐2,4,6‐triones in THF at room temperature. The products are obtained in high yields and have been fully characterized. The structure has been further confirmed by X‐ray analysis of single crystal of one of the compounds.