A new bisabolane-type sesquiterpene, trichoderic acid (1), and a new acorane-type sesquiterpene, 2β-hydroxytrichoacorenol (2), along with three known compounds, cyclonerodiol (3), cyclonerodiol oxide (4), and sorbicillin (5), were isolated from the culture broth of Trichoderma sp. PR-35, an endophytic fungus isolated from Paeonia delavayi. Their structures were elucidated on the basis of their IR, MS, and 1D- and 2D-NMR analyses. The antibacterial and antifungal activities of 1-5 towards various types of bacteria and fungi were tested. Most of the compounds showed moderate or weak antimicrobial activities in an agar-diffusion assay.