Four previously undescribed compounds named phyllancosides A and B (1 and 2), and phyllancochines A and B (3 and 4) together with ten known compounds (5‐14) were isolated from the aerial parts of Phyllanthus cochinchinensis Spreng. Their chemical structures were elucidated on the basis of comprehensive analysis of IR, HR‐ESI‐MS, 1D and 2D NMR spectra. The absolute configurations of 1 and 2 were determined by electronic circular dichroism spectroscopy (ECD) spectra. Compounds 3, 4, 10 showed antimicrobial activity against E. faecalis, S. aureus, and B. cereus with the MIC values in range of 32‐256 µg/mL. Compound 11 inhibited E. faecalis and B. cereus, and 7 inhibited S. aureus with the MIC values in range of 64‐128 µg/mL. In addition, compounds 1, 3, 4, 8, and 9 showed significantly NO inhibitory activity in LPS activated RAW 264.7 Cells with IC50 values ranging from 36.57 to 56.34 µM.