The new fungal metabolite awajanomycin (1), which has gamma-lactone-delta-lactam rings, was isolated from the marine-derived fungus Acremonium sp. AWA16-1, which had been collected from sea mud off Awajishima Island in Japan. The structure of 1 was elucidated by spectroscopic analysis and chemical methods. Awajanomycin (1) and its derivative (2) inhibited the growth of A549 cells with IC(50) values of 27.5 and 46.4 microg/mL, respectively.