Novel 4,5,6,7-tetrahydro-2H-indazole derivatives were obtained via the reaction of N¹,N³,2-triaryl-6-hydroxy-6-methyl-4-oxocyclohexane-1,3-dicarboxamides with hydrazine hydrate. The reaction of 4-oxocyclo-hexane-1,3-dicarboxamides with phenylhydrazine led to the formation of hydrazones instead of indazoles. The synthesized compounds were tested for antimicrobial, analgesic and anti-inflammatory activities.