In the presence of trifluoroacetic acid, on the basis of three‐component condensation of phenylthiourea with its salicylaldehyde and methyl‐3‐oxobutanoate, an efficient method for the synthesis of 1‐(4‐(2‐hydroxyphenyl)‐6‐methyl‐1‐phenyl‐2‐thioxo‐1,2,3,4‐tetrahydropyrimidin‐5‐yl)ethanone (I) has been worked out. These novel N‐substituted tetrahydropyrimidines based on phenylthiourea showed good inhibitory action against acetylcholinesterase (AChE), α‐glycosidase, and human carbonic anhydrase (hCA) isoforms I and II. K
i values of AChE enzyme were in the range of 0.48 to 7.46 nM. The hCA I and II were effectively inhibited by the compounds, with
K
i values in the range of 502.44 to 923.11 nM for hCA I and 400.32 to 801.57 nM for hCA II, respectively. The antioxidant activity of the novel N‐substituted tetrahydropyrimidines based on phenylthiourea was investigated by using different in vitro antioxidant assays; including 1,1‐diphenyl‐2‐picrylhydrazyl (DPPH·) radical scavenging, Cu
2+ and Fe
3+ reducing activities.