A series of 5-(substituted-phenyl)-3-(substituted-arylidene)-2(3H)-furanones were synthesized by two step process. Molecular docking experiments were carried out to identify potential COX-2 inhibitor and GABA modulator among all synthesized furanone derivatives. Elemental analysis values were found within ±0.4% of the theoretical values. The IR spectra of compounds were recorded in KBr on Perkin Elmer BX-II FTIR spectrophotometer. The proton magnetic resonance spectra (1H NMR) were recorded on Bruker 300MHz instrument in CDCl3 using tetramethylsilane [(CH3)4Si] (TMS) as internal standard. All Synthesized furanones were screened for anti-inflammatory activity by Carrageenin induced rat paw edema method and by PTZ induced seizure method for anticonvulsant activity. Result indicate that tested compounds 5- (4-chloro-3methyl-phenyl)-3-(4-dimethylamino-benzylidene)-3Hfuran-2-one (15) and 3- Anthracen-9-ylmethylene-5-(4-chloro-3-methyl-phenyl)-3H-furan-2-one (16) possess the strongest anti-inflammatory activity, comparable to that of indomethacin, and the compound 16 also exhibits GABA modulator activity less comparable to diazepam.