The present disclosure provides an ionic liquid comprising at least one metal salt, at least one azole selected from the group consisting of imidazole, pyrazole, substituted imidazole, and substituted pyrazole and a fluid medium. The ionic liquid of the present disclosure is prepared by a simple, cost-effective, and energy efficient process. The ionic liquid of the present disclosure can be used for various reactions such as alkylation, trans-alkylation, acylation, Diel-Alder reaction, Friedel-Craft reaction and oligomerization.
