Quinazolines are the derivatives of benzopyrimidine ring system. It is known and well documented in the literature that there exists a connection between wide spectrums of biological activities with the molecules having quinazoline moiety . Hence quinazoline-4(3H)-one is a lead compound for designing potential bioactive agents. Quinazoline derivatives possess a variety of activities like antibacterial, antifungal, anti-HIV , anthelmintic , CNS depressant and antitubercular . Synthesis of naturally occurring bioactive alkaloid having quinazolone system, vascinone is reported recently . Qunazolines possess antimalarial activity. Due to various types of biological activity found in Quinazoline derivative objective has been taken to synthesise Quinazoline derivatives in order to evaluate their various biological activity such as antibacterial, antifungal, antimalarial, and hypolipidemic activities.