A new multicomponent reaction is reported: the one‐pot transformation of salicylaldehydes, 2‐aminoprop‐1‐ene‐1,1,3‐tricarbonitrile (malononitrile dimer), and trialkylphosphites results in the efficient formation of (2,4‐diamino‐3‐cyano‐5H‐chromeno[2,3‐b]pyridin‐5‐yl)phosphonates. The scope of this one‐pot reaction was investigated. The isolation of substituted phosphonates is very easy. The optimized reaction conditions and a mechanistic rationale for the complex multicomponent transformation are presented. This facile PASE approach offers a powerful tool for the selective formation of new types of functionalized 5‐P‐substituted 2,4‐diamino‐5H‐chromeno[2,3‐b]pyridine scaffolds containing the phosphonate fragment, which are promising compounds for various biomedical applications, among them the treatment of human inflammatory diseases and cancer therapy.