A new phenolic bisbenzylisoquinoline (BBI) alkaloid named 2'-N-norfangchinoline was isolated from the root of Stephania tetrandra S. MOORE along withfangchinoline (2) and atherospermoline (3). The chemical structure of 2'-N-norfangchinoline was proved to be 4 by spectral analyses and chemical methods. Moreover three phenolic BBI alkaloidal compounds, 2,2'-N,N-dinorfangchinoline (8), 2'-N-noratherospermoline (9), 2-N-norfangchinoline (10) were derived from tetrandrine (1). And 12-O-acetyl atherospermoline (11) was obtained by partial acetylation of atherospermoline (3). Seven phenolic BBI compounds (2, 3, 4, 8, 9, 10, and 11) also have the inhibitory effect on acetylcholinesterase.