One‐pot synthesis of pyrano[2,3‐c]pyrazole derivatives via two or multicomponent condensation of β‐ketoesters, hydrazine monohydrate/phenyl hydrazine, malononitrile, and substituted benzaldehydes is of great interest not only in synthetic chemistry but also in medicinal chemistry because of the tremendous biological activities, such as anticancer, anti‐inflammatory, analgesic, antimicrobial, and enzyme inhibitory activities exhibited by pyranopyrazoles. This review provides extensive knowledge on novel synthetic methodologies of biologically active non‐spiro/spiro‐pyrano[2,3‐c]pyrazole derivatives published recently.