The three‐component reactions of isoquinoline, acetylenedicarboxylates, and 3‐phenacylideneoxindoles in ethanol at room temperature resulted in a mixture of two diastereoisomers of 2′,11b′‐dihydrospiro[indoline‐3,1′‐pyrido[2,1‐a]isoquinoline] derivatives, which were successfully separated and characterized. The regioselectivity and diastereoselectivity of this reaction were briefly discussed.