A novel five-component stereoselective synthesis of polysubstituted tetrahydropyridines is reported. The Knoevenagel condensation -Michael addition -Mannich reaction -cyclization -dehydration cascade of aldehydes, esters of 3-oxocarboxylic acids C-H acids and ammonium acetate provides convenient access to 2substituted alkyl (4SR,6RS)-4,6-diaryl-5,5-dicyano-1,4,5,6-tetrahydropyridi-ne-3-carboxylates with two stereocenters and 3,5-dialkyl (4RS, 5SR,6RS)-5-cyano-2,4,6-triaryl-1,4,5,6-tetrahydropyri-dine-5,3-carboxylates with three stereocenters in 57-84% yields. It was established that formation of products proceeds via substituted 2-hydroxypiperidines with four stereocenters. Ammonium acetate plays a dual role, acting as a base and as a nitrogen source. Five bonds are formed as a result of multicomponent process. Structures of new compounds were confirmed by 1 H, 13 C NMR, IR, and mass spectral studies. The formation of single diastereomers was confirmed by singe crystal X-ray diffraction studies and 2D-NMR spectroscopy.