A base promoted oxidative [4+2] annulation of pyrrole‐2‐carbaldehyde derivatives with o‐hydroxyphenyl propargylamines for the synthesis of highly substituted indolizines has been developed. Using DBN as base, a broad range of 5,6,7‐trisubstituted indolizines have been prepared in good to excellent yields under mild conditions, and many useful functional groups can be tolerated.