Pyrazoles containing amino and carbonitrile groups have a wide range of biological activities, including antimicrobial, antiinflammatory, antitumor, antioxidant, and are used to create pesticides and dyes. Also, these compounds are synthons for the preparation of various polyheterocyclic compounds. New potentially biologically active 5-amino-3-aryl-1H-pyrazole-4-carbonitriles containing pharmacophoric substituents have been obtained via three-component condensation reactions of malonic dinitrile with substituted aromatic aldehydes and benzhydrazides or hydrazines. This work considers the limits of applicability of hydrazines and hydrazides as weak nucleophiles in similar processes. The described target compounds have been synthesized using the «green chemistry» approach under ultrasonic activation in water or a mixture of water and isopropyl alcohol in the presence of triethylamine as base catalyst. The applicability of this environmentally friendly, economical and efficient approach for the synthesis of nitrogen-unsubstituted (7, 8) and N-aryl- (4, 6) or N-aroyl-substituted (1–3) pyrazole-4-carbonitriles has been demonstrated. The target pyrazole-4-carbonitrile (2) is formed and Schiff base (2’) is released as a by-product in the reaction of the weak binucleophile 3-nitrobenzhydrazide with 4-benzyloxy-3-methoxybenzaldehyde and malonic dinitrile. Step-by-step syntheses have shown that the initial reaction of a three-component interaction can be either croton condensation or the formation of a Schiff base. In any case, during subsequent heterocyclization, unstable substituted pyrazolines are formed, which aromatize to the target pyrazoles in the presence of atmospheric oxygen under synthesis conditions. The composition and structure of the products have been confirmed by elemental analysis, NMR 1H, 13C spectroscopy, HSQC, and HMBC heteronuclear correlations.