Two new biphenyl‐type neolignan derivatives, 2‐[2‐(hydroxymethyl)‐1‐benzofuran‐5‐yl]‐4‐(prop‐2‐en‐1‐yl)phenol (1) and 2′‐ethoxy‐5,5′‐di(prop‐2‐en‐1‐yl)biphenyl‐2‐ol (2), were isolated from the twigs of Magnolia denudata, together with six known compounds (3–8). The structures of 1 and 2 were determined through extensive 1D‐ and 2D‐NMR and mass‐spectrometric analyses. Magnolol (6) and honokiol (7) exhibited potent inhibition (IC50 values=4.4±0.2 and 0.71±0.13 μg/ml, resp.) of O$\rm{{_{2}^{{^\cdot} -}}}$ generation by human nutrophils in response to N‐formyl‐L‐methionyl‐L‐leucyl‐L‐phenylalanine/cytochalasin B (fMLP/CB). In addition, 2‐[2‐(hydroxymethyl)‐1‐benzofuran‐5‐yl]‐4‐(prop‐2‐en‐1‐yl)phenol (1), 2′‐ethoxy‐5,5′‐di(prop‐2‐en‐1‐yl)biphenyl‐2‐ol (2), magnolol (6), and vanillic acid (8) inhibited fMLP/CB‐induced elastase release with IC50 values=6.4±1.5, 2.4±0.4, 1.5±0.2, and 4.8±0.5 μg/ml, respectively.