In recent years there is a tremendous increase of drug resistant pathogens, especially mycobacterium tuberculosis leading to the design and development of newer antimycobacterial compounds. The reaction of 2-phenyl-3-chloroacetamido quinazolin-4(3H)-ones with various aromatic amines and thiols gave N-(4-oxo-2-phenylquinazolin-4(3H)-yl)-2-[substituted heteroaryl] acetamide derivatives. The structure of the compounds has been confirmed by IR, 1HNMR, Mass spectral data and Elemental analysis. Antitubercular and antibacterial activities were performed by microbroth dilution and cup-plate method respectively. The compounds have also been screened for antioxidant activity by DPPH method. All the synthesized compounds have been subjected for physical parameter evaluation. Though the compounds showed moderate antioxidant activity, few compounds have shown good antitubercular activity and better antibacterial activity compared to the standard drug.