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The Pot, Atom, and Step Economy (PASE) approach is based on the Pot economy principle and unites it with the Atom and Step Economy strategies; it ensures high efficiency, simplicity and low waste formation. The PASE approach is widely used in multicomponent chemistry. This approach was adopted for the synthesis of previously unknown hydroxyquinolinone substituted chromeno[2,3-<i>b</i>]pyridines via reaction of salicylaldehydes, malononitrile dimer and hydroxyquinolinone. It was shown that an ethanol-pyridine combination is more beneficial than other inorganic or organic catalysts. Quantum chemical studies showed that chromeno[2,3-<i>b</i>]pyridines has potential for corrosion inhibition. Real time ¹H NMR monitoring was used for the investigation of reaction mechanism and 2-((2<i>H</i>-chromen-3-yl)methylene)malononitrile was defined as a key intermediate in the reaction.