<jats:title>Abstract</jats:title><jats:p>The new phytosphingosine‐type ceramide <jats:bold>1</jats:bold>, named paxillamide (=2,3‐dihydroxy‐<jats:italic>N</jats:italic>‐[(1<jats:italic>S</jats:italic>,2<jats:italic>S</jats:italic>,3<jats:italic>R</jats:italic>)‐2,3‐dihydroxy‐1‐(hydroxymethyl)heptadecyl]tetracosanamide), was isolated from the CHCl<jats:sub>3</jats:sub>/MeOH extract of the fruiting bodies of the Basidiomycete <jats:italic>Paxillus panuoides</jats:italic>, and its structure was elucidated by spectroscopic and chemical methods.