Disclosed herein is a process for the preparation of dipyridamole which is suitable for large scale commercial production and provides the required product with improved yield and purity. The process comprises reacting 2,6-dichloro-4,8-dipiperidino-pyrimido(5,4-d)pyrimidine with diethanolamine at a temperature between about 100°C and below 130°C. Also disclosed is dipyridamole produced by the process having a purity of up to and greater than 99.9%.