A process for preparation of Apixaban of Formula I, comprising the steps of: a) reducing 3-morpholino-1-(4-nitrophenyl)-5,6-dihydropyridin-2 -one of Formula II in presence of reducing agent and solvent to give 3-morpholino-1-(4-aminophenyl)-5,6-dihydropyridin-2 -one of Formula III; b) reacting 3-morpholino-1-(4-aminophenyl)-5,6-dihydropyridin-2 -one of Formula III with compound of formula IV in presence of base and solvent to give compound of Formula V; wherein, X 1 is selected from chloro, bromo, iodo or alkyl carboxy, wherein alkyl is selected from ethyl, isobutyl, t-butyl and X 2 is selected from leaving group such as, chloro, bromo, iodo, mesylate, substituted or unsubstituted phenyl sulfonate; c) cyclizing compound of Formula V in the presence of base and solvent to give 3-morpholino-1-(4-(2-oxopiperidin-1-yl)phenyl)-5,6-dihydropyridin-2 -one of Formula VI; d) condensing 3-morpholino-1-(4-(2-oxopiperidin-1-yl)phenyl)-5,6-dihydropyridin-2 one of Formula VI with alkyl- -2-halo-2-(2-(4-methoxyphenyl)hydrazono)acetate of Formula VII, wherein X 1 is selected from chloro, bromo, iodo and Ak is C 1 -C 6 alkyl; preferably wherein X 1 is chloro and Ak is C 2 H 5;in presence of base and solvent, followed by treatment with acid to give alkyl 1-(4-methoxyphenyl)-7-oxo-6-(4-(2-oxopiperidin-1-yl)phenyl)-4,5,6,7-tetrahydro-1H-pyrazolo[3,4-c]pyridine-3-carboxylate of Formula VIII; e) amidating the compound of Formula VIII using formamide in presence of base and solvent to give Apixaban of Formula I; wherein solvent is selected from ether such as dioxane, tetrahydrofuran; and a polar aprotic solvent such as dimethylformamide, dimethylsulphoxide, N-methylpyrrolidone, f) purifying Apixaban of Formula I. a) reducing 3-morpholino-1-(4-nitrophenyl)-5,6-dihydropyridin-2 -one of Formula II in presence of reducing agent and solvent to give 3-morpholino-1-(4-aminophenyl)-5,6-dihydropyridin-2 -one of Formula III; b) reacting 3-morpholino-1-(4-aminophenyl)-5,6-dihydropyridin-2 -one of Formula III with compound of formula IV in presence of base and solvent to give compound of Formula V; wherein, X 1 is selected from chloro, bromo, iodo or alkyl carboxy, wherein alkyl is selected from ethyl, isobutyl, t-butyl and X 2 is selected from leaving group such as, chloro, bromo, iodo, mesylate, substituted or unsubstituted phenyl sulfonate; c) cyclizing compound of Formula V in the presence of base and solvent to give 3-morpholino-1-(4-(2-oxopiperidin-1-yl)phenyl)-5,6-dihydropyridin-2 -one of Formula VI; d) condensing 3-morpholino-1-(4-(2-oxopiperidin-1-yl)phenyl)-5,6-dihydropyridin-2 one of Formula VI with alkyl- -2-halo-2-(2-(4-methoxyphenyl)hydrazono)acetate of Formula VII, wherein X 1 is selected from chloro, bromo, iodo and Ak is C 1 -C 6 alkyl; preferably wherein X 1 is chloro and Ak is C 2 H 5;in presence of base and solvent, followed by treatment with acid to give alkyl 1-(4-methoxyphenyl)-7-oxo-6-(4-(2-oxopiperidin-1-yl)phenyl)-4,5,6,7-tetrahydro-1H-pyrazolo[3,4-c]pyridine-3-carboxylate of Formula VIII; e) amidating the compound of Formula VIII using formamide in presence of base and solvent to give Apixaban of Formula I; wherein solvent is selected from ether such as dioxane, tetrahydrofuran; and a polar aprotic solvent such as dimethylformamide, dimethylsulphoxide, N-methylpyrrolidone, f) purifying Apixaban of Formula I.