A new tremulane sesquiterpene, ceriponol P, has been isolated from the cultures of Ceriporia lacerate, together with three known metabolites 3-indolecarbaldehyde, 3-methyl-2-indolinone, and daucosterol. Its structure was established by detailed analysis of its spectroscopic data, especially 1D, 2D NMR and HR-ESI-MS data. Ceriponol P represents the first example of monocyclic tremulane sesquiterpene. In biological assays, ceriponol P did not exhibit any significant cytotoxicity against HeLa, HepG2, and SGC 7901 cell lines at a concentration of 20 μM. All the known compounds were reported for the first time from the genus Ceriporia.