In this effort, 2‐aminothiophene‐3‐carboxylate (1) was prepared using Gewald's methodology. This 2‐aminothiophene derivative was diazotized and coupled with malononitrile to obtain the nitrile derivative (2), which was utilized as key synthon for the synthesis of polyfunctionally substituted heterocycles via its reactions with some nitrogen and carbon nucleophiles. On the other hand, a facile and convenient syntheses of thiazolidinone, pyrrolidinone, and chromene derivatives incorporating thiophene moiety via the versatile, readily accessible 2‐aminothiophene‐3‐carboxylate (1) were also described.