Oxazolone is a five-membered heterocyclic compound which is also known as azlactone. It contains one oxygen and one nitrogen as heteroatoms, which exist in five isomeric forms, according to the carbonyl group's location and the double bonds such as: 5 (4)-oxazolones, 5 (2) – oxazolones, 2 (3)-oxazolones, 4 (5)-oxazolones, and 2 (5)-oxazolones. 5 (4)-oxazolones is the most important heterocyclic moiety among all isomeric form of oxazolones. It is classified into two classes: saturated and unsaturated oxazolones. It is synthesized by various synthetic routes. Oxazolones are reported to exhibit various pharmacological activities such as antimicrobial, anti-inflammatory, anticancer, anti-HIV, antiangiogenic, anticonvulsant, sedative, cardiotonic, antidiabetic activity, etc.