Heterocycles are important components of many natural materials and are extremely valuable in organic and medicinal chemistry. Among the heterocyclic entities, pyranopyrazole moieties have demonstrated remarkable biochemical behaviours and activities which provide a versatile skeleton for drug innovation. Hence, many nitrogen-based, fused structures have been incorporated as building blocks of various pharmacological potent scaffolds. Pyranopyrazoles are known for their anti-inflammatory, analgesic, antidiabetic, antimicrobial, cholinesterase-inhibiting, antibacterial and anticancer activities, as well as for their efficacy in treating Alzheimer’s disease. Because of this, several cost-effective synthetic protocols for synthesising pyranopyrazole derivatives—utilising less expensive substrates, reusable catalysts, and eco-friendly solvents—have been developed.