A series of nine new compounds of 5-((3-(aryl)-1 phenyl-1H-pyrazol-4-yl)methylene)-3-phenylthiazolidine-2,4-diones was synthesized by Knoevenagel condensation of various 3-(aryl)-1-phenyl-1H-pyrazole-4-carbaldehydes with 3-phenylthiazolidine-2,4-dione in ethanol in the presence of piperidine as a catalyst. The reaction afforded the desired products in good yields. All the nine compounds were screened for their in vitro antibacterial (Staphylococcus aureus, Bacillus subtilis, Pseudomonas aeruginosa and Escherichia coli) and antifungal (Aspergillus niger and A. flavus) activity. Biological activities of these compounds were compared with those of commercially available antibiotics, ciprofloxacin and antifungal agent fluconazole. Two compounds 3e and 3i were found to be most effective against S. aureus and B. subtilis. Out of the nine compounds tested for antifungal activity, five, 3c–f and 3h showed more than 50% inhibition against the A. flavus, whereas the three compounds 3a, 3d and 3f showed more than 50% inhibition against A. niger.