Two new meroterpenoids, penicianstinoids A and B (1 and 2), and eight new isocoumarins, peniciisocoumarins A-H (3-10), together with 10 known analogues (11-20) were obtained from the mangrove-derived fungus Penicillium sp. TGM112. The structures and absolute configurations of 1-10 were determined by interpretation of detailed NMR, MS spectroscopic data, X-ray diffraction analyses, modified Mosher's method, and calculated electronic circular dichroism data. Compounds 1-4, 7, 8, 10, 12, 13, and 16 showed growth inhibition activity against newly hatched larvae of Helicoverpa armigera Hubner with IC<sub>50</sub> values ranging from 50 to 200 μg/mL, respectively. Compounds 1, 2, and 11-15 displayed activity against Caenorhabditis elegans with EC<sub>50</sub> values ranging from 9.4 (± 1.0) to 38.2 (± 0.6) μg/mL, respectively. Compound 1 represents an austinoid-like meroterpenoid that is reported here for the second time, in which a carbon-carbon double bond was oxidized to a carbonyl group at C-1'-C-2'.