A new taraxerane-type triterpenoid, codopimodol A (1), together with two known triterpenoids (2 and 3), were isolated from the EtOH extract of the roots of Codonopsis pilosula var. modesta (Campanulaceae). The structure of the new compound was identified by high-resolution electrospray ionization mass spectrometry and extensive spectroscopic analyses, particularly one-dimensional and two-dimensional NMR and IR. All the compounds were first isolated from C. pilosula var. modesta. Compounds 1 and 3 exhibited potential α-glucosidase inhibitory activities.