Two new lycopodine alkaloids, (12b)-12-hydroxyhuperzine G (1) and (5b,6b,15a)-15-methyllycopodane-5,6-diol (2), were isolated from the whole plants of Huperzia serrata, together with six known compounds, huperzines A, B, and G, phlegmariurine B, (8b) Introduction. -Huperzia serrata (Thunb. ex Murray) Trev. (Huperziaceae) is one of the most commonly used traditional Chinese herbal medicines for the treatment of contusion, strain, swelling, and schizophrenia [1]. Previous investigations have shown that it contains many alkaloids with novel and diverse structures including huperzine A, which was reported to increase efficiency for learning and memory in animals and show promise in the treatment of Alzheimers disease and myasthenia gravis [2 -5]. Further, numerous efforts on the isolation of new potent alkaloids from H. serrata and other related plants have been carried out by many research groups [6 -8]. Up to date, most of the isolated alkaloids are liposoluble. As a part of our research of structurally unique and biologically active compounds from medicinal plants of Yunnan, China, we isolated and identified two new alkaloids, (12b)-12-hydroxyhuperzine G (1) which is hydrosoluble and (5b,6b,15a)-15-methyllycopodane-5,6-diol (2), as well as six known compounds, i.e., huperzines A, B, and G (3 -5) [2] [9] [10], phlegmariurine B (6) [11], (8b)-8-hydroxyphlegmariurine B (7) [12], and lycoposerramine D (8) [13], from H. serrata. This article focuses on the isolation and structural elucidation of 1 and 2.