Eleven new meroterpenoids, bipolahydroquinones A-C (<b>1</b>-<b>3</b>), cochlioquinones I-N (<b>4</b>-<b>8</b> and <b>11</b>), and isocochlioquinones F and G (<b>9</b> and <b>10</b>), together with six known ones, were obtained from an endophytic fungus <i>Bipolaris</i> sp. L1-2 from <i>Lycium barbarum</i>. Compound <b>2</b> is the first example of cochlioquinone derivatives possessing a benzofuran moiety. The structures and absolute configurations of the new compounds were elucidated by spectroscopic data interpretation, single-crystal X-ray diffraction analysis, chemical transformations, and biosynthetic considerations. Compounds <b>3</b>, <b>4</b>, and <b>6</b>-<b>8</b> showed cytotoxicity against NCI-H226 and/or MDA-MB-231 with IC<sub>50</sub> values ranging from 5.5 to 9.5 μM.