We continued the study of the chemical composition of the epigeal part of Artemisia leucodes Schrenk collected in the budding stage in the Chemkent province, Kazakh SSR. The chromatographic separation of the total lactone material on neutral alumina followed by rechromatography of the individual fractions in a silica gel column yielded two substances: Substance I (mp 176-178°C) was identified as l-camphor through comparison of IR spectra and mixed melting point (previously isolated from the essential oil of A. leucodes). Substance II (mp 190-191°C, C₁₇H₂₀O₅) was identified as the sesquiterpene lactone matricarin via IR spectra and comparison with a sample obtained by acetylation of austricin, representing the first isolation of matricarin from A. leucodes. From A. leucodes in the flowering stage, a flavonoid (mp 227-228°C, C₁₈H₁₆O₇) was isolated and identified as eupatilin through UV, PMR, mass spectra, and comparison with literature data, which had been previously isolated from Artemisia frigida.