Phytochemical investigation of the bulbs of Fritillaria hupehensis resulted in the isolation and structural elucidation of a new highly conjugated alkaloid of veratramine type identified as 3 beta,23 beta-dihydroxy-7,12(14)-dien-5 alpha-veratramin-6-one (1), together with two known alkaloids, ebeinine (2) and zhebeinine (3), which were isolated for the first time from F. hupehensis. The structures of alkaloids 1-3 were established by extensive 1D and 2D NMR spectral analyses.