Five new fawcettimine‐type Lycopodium alkaloids, hupertimines A–E (1–5), were discovered from the whole plant of Huperzia serrata, along with two known alkaloids, 8α‐hydroxyphlegmariurine B (6) and 8β‐hydroxyphlegmariurine B (7). The structures of 1–7 were identified through HR‐MS, IR, 1H, 13C, and 2D NMR, and single‐crystal X‐ray diffraction analysis. Structurally, compound 1 was the fourth example of Lycopodium alkaloid with an ether linkage between C‐5 and C‐13 and 2 was the third example of Lycopodium alkaloid with a 5/5/5/5/6 pentacyclic ring system and featuring a 1‐aza‐7‐oxabicyclo[2.2.1]heptane unit. Compounds 1–7 were tested for their BACE1 inhibitory activity. In addition, the correct 1H‐ and 13C‐NMR data for 7 were reported in current study.