A new highly oxygenated polyketide derivative, trichodersine (1), together with fourteen known compounds (2‐15) were isolated from Trichoderma sp. MWTGP‐04. The structure of trichodersine (1) was established based on comprehensive spectroscopic data analysis, and biogenesis argument. The results of double culture experiments indicated that the strain exhibited potential antifungal activity. The antifungal activities of all isolated compounds were evaluated, among them compound 1 exhibited remarkable antifungal activities against Fusarium solani, Plectosphaerella cucumerina, Alternaria panax, and Aspergillus niger, with minimum inhibitory concentrations (MICs) of 4, 4, 16, and 32 μg/mL, respectively. In addition, the antifungal experiments of polyketide derivatives (1–3) disclosed that their degree of oxidation was a key factor affecting the antifungal activity.