<jats:p> Two new terpenoids, saponaceolide T (7), and lanostane triterpenoid saponaceol D (11), were isolated from an EtOAc extract of Tricoloma saponaceum fruiting bodies and their structures have been established by spectroscopic analysis. In addition, known saponaceolides A (1), C (3), F (5), H (6), together with cerevisterol and fasciculol B depsipeptides pardinol B (9) and D (10), were isolated. Representative saponaceolides exhibited high antiproliferative activities against A549 and HEP G2 human tumor cell lines.