The synthesis of a novel series of substituted 1,4‐dihydropyridines was achieved in aqueous media by base‐catalyzed three‐component Hantzsch reaction of 2‐chloroquinoline‐3‐carbaldehydes, ammonium acetate, and alkyl acteoacetate in good to high yields. Important advantages of this method are easy access to a library of novel quinoline and quinolone derivatives, green reaction conditions with water as solvent, and ease of purification.