Selective synthesis of polycarbonyl conjugates of (+)‐fenchone and (+)‐camphor was carried out (44–91 % yields) via the ring‐opening transformation of 5‐acyl‐4‐pyrones with hydrazones of the corresponding monoterpenoids. A strong influence of the hydrazone fragment on the observed tautomeric equilibrium of the tricarbonyl system was shown. Although the major tautomer of the conjugates is the acyclic polycarbonyl form, the camphor‐based conjugates undergo new type of ring‐chain tautomerism, diketoenaminone‐dihydropyridone equilibrium, and predominantly exist in the cyclic dihydropyridone form in DMSO‐d6. The polyketones can undergo intramolecular cyclization to form N‐amino‐4‐pyridones in high selectivity. In vitro screening for activity against the influenza virus H1 N1 and vaccinia virus was estimated for the obtained conjugates. The (+)‐fenchone derivatives demonstrated the higher activity against vaccinia virus than camphor derivatives. The conjugate, which was prepared from diethyl isochelidonate and hydrazone (+)‐fenchone, showed the highest activity against vaccinia virus (SI=17).