Chemical investigation of the aerial parts (except fruits and calixes) of <i>Physalis nicandroides</i> var. <i>attenuata</i> led to the isolation of a series of new labdane-type diterpenoids, including the closely related compounds <b>1</b>-<b>3</b>, the labdane glucosides <b>4</b> and <b>5</b>, a mixture of the epimeric alcohols <b>6</b> and <b>7</b>, and one labdanetriol, isolated as its tri-<i>O</i>-acetyl derivative <b>9</b>. In addition, three new withanolides (<b>14</b>-<b>16</b>) and six known compounds were isolated. The structures of these compounds were elucidated by analysis of their spectroscopic data and chemical transformations, and those of compounds <b>1</b>, <b>4</b>, and <b>16</b> were confirmed by X-ray diffraction analysis of the natural product (<b>1</b>) and of the corresponding acetyl derivatives <b>4a</b> and <b>16a</b>. Fourteen of these compounds were assayed for their in vitro inhibitory activity against yeast α-glucosidase and acetylcholinesterase enzymes. The results were negative in both cases, except for compound <b>3a</b> that marginally inhibited the activity of acetylcholinesterase with an IC<sub>50</sub> value of 64.4 μM.