Pyrazolines are well-known and important nitrogen containing 5-membered heterocyclic compounds and various methods have been worked out for their synthesis. A new series of 4-(4-hydroxyphenyl)-3-chloro-1-{4-[5- (Substituted phenyl)-1-(phenylsulfonyl)-4,5-dihydro-pyrazol-3-yl]phenyl}azetidin-2-one are synthesized by reacting 3-chloro-1-{4-[5-(Substituted phenyl)-4,5-dihydro-pyrazol-3-yl]phenyl}-4-(4-hydroxyphenyl)azetidin-2-one with Benzene sulfonyl chloride in presence of pyridine. All these compounds were characterized by means of their IR, 1H NMR, Spectroscopic data and microanalysis. All the compounds were tested for their antibacterial and antifungal activities by broth dilution method