A multicomponent reaction of β-naphthol, dimethyl malonate, and aromatic aldehydes in the presence of NbCl5 as promoter is described. Under similar conditions, aromatic aldehydes with different substituents exhibited different behaviors than β-naphthol and dimethyl malonate. In these MCRs, 4-aryl-3,4-dihydrobenzo[f]coumarins are obtained as the major products (41–93%) and 14-aryl-14H-dibenzo[a,j]xanthenes as the minor products (1–38%).