Phellibarin D ( 1 ), the first B/C ring-rearranged lanostane triterpenoid possessing a 6/5/7/5 ring framework, was isolated from Phellinus rhabarbarinus . This compound’s structure was determined via comprehensive NMR and MS analyses. In addition, 1 exhibited cytotoxicity against five human cancer cell lines and inhibitory activity against nitric oxide (NO) production in LPS-activated RAW264.7 macrophages.