Isocyano dihydropyridones accessible via a recently reported multicomponent reaction react with aldehydes and amines to afford dihydrooxazolopyridines in high yield. The scope and limitations of this novel multicomponent reaction were investigated. The efficient combination of two highly variable multicomponent reactions allows the construction of a very broad range of dihydrooxazolopyridines, an unexplored class of bicyclic compounds. The implications of the observed reactivity profile for the mechanism of this multicomponent reaction are discussed.