Synthesis of new series of mono and bis α-aminophosphonates in good to excellent yields by one pot three component reaction. The synthesis involved the reaction of carbonyl compounds with amines, triphenyl phosphite at room temperature in dry acetonitrile in presence of lithium perchlorate as Lewis acid catalyst. The chemical structures of the products were characterized by IR, 1HNMR,13CNMR and mass spectral data. All the synthesized compounds were screened for their in vitro antifungal and antibacterial activity against both Gram positive and Gram negative bacterial strains. Compounds 4b, 4d, 5d, 9a showed the highest antibacterial activity against Bacillus subtilis strain with minium inhibition zone 23 mm.