Bimetallic silver and copper incorporated mesoporous MCM‐48 (Ag/CuO/MCM‐48) was synthesized by simple wet‐impregnation method. The knowledge about its structural properties was gathered by means of Fourier transform‐infrared, energy‐dispersive X‐ray, X‐ray diffraction, field emission‐scanning electron microscopy, transmission electron microscopy and Brunauer–Emmett–Teller analyses. The catalytic activity of Ag/CuO/MCM‐48 was examined in the one‐pot three‐component reaction of 3‐(1‐methyl‐1H‐pyrrol‐2‐yl)‐3‐oxopropanenitrile, malononitrile and various aromatic aldehydes leading to novel pyran‐pyrrole hybrid derivatives in reduced reaction times (5–10 min) and excellent yields (88–97%). Application of Ag/CuO/MCM‐48 as a potent heterogeneous catalyst with good reusability up to five times, use of ethanol as an eco‐compatible medium and chromatography‐free work‐up are some crucial green aspects of this procedure.