Two new triterpenoids, schisanbilactones A and B (1 and 2, resp.), and a new natural product, 1‐chloro‐3‐phenylhex‐5‐en‐3‐ol (3), as well as a known triterpenoid, kadsulactone A (4), were isolated from the stems of Schisandra bicolor. The structures of the new compounds were elucidated by spectroscopic analyses, including 2D‐NMR techniques.