A novel Rh‐catalyzed three‐component synthesis of N‐(o‐alkylaryl) pyrazoles via cascade pyrazole annulation and aryl C‐H conjugate addition to alkenes has been developed with enaminones, hydrazines, and functionalized alkenes as starting materials. The raw materials used in this reaction are simple, cheap, and readily available, and the reactions feature excellent step economy by furnishing products via the formation of a pyrazole ring and a key C‐H activation in one‐step operation. Moreover, the reaction proceeds smoothly under air atmosphere, making it easy to operate.