A new sterol (1) and 8 known (2-9) compounds were isolated from the methanol extract of the Vietnamese marine sponge Halichondria panicea (Pallas, 1766) by various chromatographic methods. Their chemical structures were determined as 5 α,6 α-epoxy-(22 E)-ergosta-3 β,7 α-diol-8,22,25-triene (1), (22 E)-ergosta-7,22,25-triene-3 β,5 α,6 β-triol (2), 3 β-hydroxycholest-5ene-7-one (3), cholesterol sulfate (4), 3-formamidotheonellin (5), para-hydroxybenzylideneacetone (6), indole-3-carbaldehyde (7), thymidine (8), and adenosine (9) by using a combination of HR-ESI-MS, 1D and 2D NMR spectral data, as well as by comparison with the previous literature. This is the first report of these compounds from H panicea. Compounds 1 and 2 exhibited cytotoxic effects on Hep-G2, SK-Mel-2, LU-1, and MCF-7 cell lines with IC50 values of 9.27 ± 1.25, 11.34 ± 1.18, 15.45 ± 1.47, and 10.85 ± 1.19 µM (for 1), and 6.45 ± 0.77, 9.74 ± 1.03, 7.08 ± 0.64, 5.61 ± 0.39 µM (for 2), compared to the positive control compound, ellipticine, 1.60 ± 0.37, 2.53 ± 0.51, 1.82 ± 0.20, and 2.17 ± 0.66 µM, respectively.