A new fungicolous species, Cosmospora inonoticola, is described and illustrated based on a specimen collected from northeast China. It is characterized by the occurrence of fruitbodies of Inonotus sp.; perithecia nonstromatic, subglobose to pyriform, not collapsing when dry; clavate asci containing (3-)6(−8) spores; ascospores ellipsoidal to broadly ellipsoidal, pale brown, finely warted, bicellular, conspicuously constricted at septum; and producing a verticillium-like asexual state. A multi-locus analysis of the combined ITS, rpb1 and tub sequences confirmed its taxonomic position, and revealed the distinction from its morphologically similar species including the type species, C. coccinea, which occurs also on Inonotus. A specimen with sexual state of C. lavitskiae is reported for the first time, and a reference specimen is indicated.