In this investigation, we explored the diversity of melleolide‐type meroterpenoids produced by Armillaria ostoyae, one of the largest and oldest organisms on Earth, using extracts from liquid and solid fermentation media. The study unveiled three unprecedented dimeric bismelleolides (1‐3) and three novel fatty acid‐substituted congeners (4‐6), along with 11 new (7‐17) and 21 known (18‐38) derivatives. Structure elucidation was done by 1D‐ and 2D‐NMR spectroscopy, HRESI‐MS data, and ROESY spectral analysis for relative configurations. Absolute configurations were determined through crystal structures and ECD spectra comparison. A compound library of melleolide‐type meroterpenoids facilitated metabolomics‐wide associations, revealing production patterns under different culture conditions. The library enabled assessments of antimicrobial and cytotoxic activities, unveiling that the Δ2,4 double bond is not crucial for antifungal activity. Cytotoxicity was linked to the presence of an aldehyde at C‐1, but lost with a hydroxylation at C‐13. Chemoinformatic analyses demonstrated the intricate interplay of chemical modifications on biological properties. This study marks the first systematic exploration of Armillaria spp. meroterpenoid diversity via MS‐based untargeted metabolomics, offering insights into structure‐activity relationships through innovative chemoinformatics.