Eleven new p-terphenyls, floricolins K-U (1-11), together with 13 biosynthetically related known compounds (12-24) were isolated from an endolichenic fungus, Floricola striata. Their structures were elucidated by extensive spectroscopic analyses and single-crystal X-ray diffraction measurements. The newly isolated p-terphenyls inhibited the growth of A2780, MCF-7, and A549 cell lines. Further evaluation for the multidrug resistance (MDR) reversal activity of compound 5 revealed it enhanced the sensitivity of MCF-7/ADR cells toward adriamycin 39-fold at 10 μM through modulating P-glycoprotein-mediated drug exclusion.