Abstract Two new highly oxygenated fasciculol‐type lanostane derivatives, fasciculols H and I ( 1 and 2 , resp.), together with five known compounds, 3 – 7 , were isolated from the fruiting bodies of the Chinese toxic mushroom Naematoloma fasciculare. Their structures were elucidated on the basis of spectroscopic analyses including 2D‐NMR (HMBC, HSQC, NOESY, 1 H, 1 H‐COSY). Compounds 5 – 7 were identified for the first time in this mushroom. Compounds 1, 3, 4 , and 5 were evaluated for inhibitory activity against human glioma cell line U87 and nuclear factor‐ κ B.