In the present paper, the authors study generalized Ricci solitons in the framework of paracontact metric manifolds. It is interesting that the equation for a metric \(g\) to be a generalized Ricci soliton unifies various important equations such as: homothetic vector field, Killing vector field, Ricci soliton, metric projective structure equation in the projective class for which the Ricci tensor is skew-symmetric, the equation of vacuum near horizon geometry, the equation of Einstein-Weyl. In the first result of the paper, under assumptions, the authors obtain \(K\)-paracontact and \(\eta\)-Einstein manifolds, whenever they start with a paracontact metric manifold. In the second important result they assume conditions on the \(K\)-paracontact metric to obtain a Einstein metric. In the third main result of the work, the authors assume that the K-paracontact metric is a gradient generalized almost Ricci soliton and they obtain conditions on the scalar curvature and on the squared norm of the Ricci operator. Finally they compute some explicit examples.