AbstractDrug repurposing is an emerging field in drug development that has provided many successful drugs. In the current study, paracetamol, a known antipyretic and analgesic agent, was chemically modified to generate paracetamol derivatives as anticancer and anticyclooxygenase‐2 (COX‐2) agents. Compound 11 bearing a fluoro group was the best cytotoxic candidate with half‐maximal inhibitory concentration (IC₅₀) values ranging from 1.51 to 6.31 μM and anti‐COX‐2 activity with IC₅₀ = 0.29 μM, compared to the standard drugs, doxorubicin and celecoxib. The cell cycle and apoptosis studies revealed that compound 11 possesses the ability to induce cell cycle arrest in the S phase and apoptosis in colon Huh‐7 cells. These results were strongly supported by docking studies, which showed strong interactions with the amino acids of the COX‐2 protein, and in silico pharmacokinetic predictions were found to be favorable for these newly synthesized paracetamol derivatives. It can be concluded that compound 11 could block cell growth and proliferation by inhibiting the COX‐2 enzyme in cancer therapy.