An operationally simple oxidation of 5‐substituted pyrazol‐3(2H)‐ones to the corresponding methyl‐2‐alkynoates in good yields with a mediated poly4‐(diacetoxyiodo)styrene] system in methanol and acetonitrile at room temperature was carried out. The polymeric reagent can be regenerated and reused as an environmentally benign reagent.