Two new polyoxygenated steroids, namely, penicisteroids A and B (1 and 2), were obtained from the culture extract of Penicillium chrysogenum QEN-24S, an endophytic fungus isolated from an unidentified marine red algal species of the genus Laurencia. In addition, seven known steroids (3-9) were also isolated and identified. The structures of these compounds were established on the basis of extensive spectroscopic analysis. The absolute configuration for compound 1 was determined by application of the modified Mosher's method. Penicisteroid A (1), which is a structurally unique steroid having tetrahydroxy and C-16-acetoxy groups, displayed potent antifungal and cytotoxic activity in the preliminary bioassays. Preliminary structure-activity relationships are discussed.