Oxazolone derivative 2 was utilized as a key intermediate for synthesis of some new oxazolone and imidazolone derivatives. Reaction of oxazolone derivative 2 with diamines under different conditions afforded the corresponding imidazolone derivatives 3-8, respectively. Moreover, oxazolone 2 reacted with some heterocyclic amines in glacial acetic acid giving the corresponding imidazolone derivatives 9-14, respectively. Cyclocondensation of thiosemicarbazide with compound 2 in dry pyridine afforded compound 15. Addition of secondary amines to olefin double bond of compound 2 gave the corresponding addition products 16-19, respectively. Michael addition of compound 2 with some active methylene compounds afforded oxazolone derivatives 20-23, respectively. These prepared products were evaluated as antioxidant and corrosion inhibitors for gasoline lubricating oil and compounds 6a-c, 10 and 15 exhibited the highest antioxidant and anticorrosive activities. The effect of concentration of additives was studied to recommend the optimum concentration to be used. The results showed, for additive 15, 0.1 g for 1 L oil was the more effective concentration. Measurements for thermal analysis and of surface tension of oil after oxidation were also carried out.