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Neurodegenerative diseases in which the decrease of the acetylcholine is observed are growing worldwide. In the present study, a series of new arylaminopropanone derivatives with <i>N</i>-phenylcarbamate moiety (<b>1–16</b>) were prepared as potential acetylcholinesterase and butyrylcholinesterase inhibitors. In vitro enzyme assays were performed; the results are expressed as a percentage of inhibition and the IC₅₀ values. The inhibitory activities were compared with reference drugs galantamine and rivastigmine showing piperidine derivatives (<b>1–3</b>) as the most potent. A possible mechanism of action for these compounds was determined from a molecular modelling study by using combined techniques of docking, molecular dynamics simulations and quantum mechanics calculations.