N'',N'''-Bis[(E)-phenylmethylidene]carbonic dihydrazide, azotic ligands with lone electron pairs, have wide range of applications in catalysis, medicine, corrosion, and analytical chemistry. Keeping this broad range of applications in view, we have developed a new green method for the rapid synthesis of N'',N'''-Bis[(E)-phenylmethylidene]carbonic dihydrazide and its derivatives. By using a new protocol, a range of carbonic dihydrazides 1-22 has been synthesized in excellent yields. All synthesized compounds have been characterized by elemental analyses, 1H-NMR, EI-MS and HR-MS. These carbonic dihydrazides have also been synthesized via conventional method. On comparisons of new and conventional methods, it is evident that newly developed solvent-free method is more proficient, high yielding, and simple. As protease inhibitors are known to inhibit not only proliferation of cancer cell lines but also to cure hepatitis C virus and HIV aids infections, therefore, all purified and characterized compounds have also been evaluated for their potential to act as in vitro α-chymotrypsin (an enzyme belongs to protease family) inhibitors. Among tested compounds, ten compounds have shown varying degree of α-chymotrypsin inhibition potential.