<jats:title>Abstract</jats:title><jats:p>Three new natural products, the taraxastane‐type triterpenoid <jats:bold>1</jats:bold>, the azafluorene‐based constituent 2‐hydroxyonychine (<jats:bold>2</jats:bold>), and the diterpenoid nemoralisin (<jats:bold>3</jats:bold>) were isolated from the EtOH extract of <jats:italic>Polyalthia nemoralis</jats:italic>, along with five known compounds. The structures of the new compounds were established by in‐depth spectroscopic and mass‐spectrometric analyses, as well as by chemical transformation.