Two new polyoxygenated steroids, reticulatic acid (1) and reticulatin (2), together with a known compound 3,22,25‐trihydroxy‐16‐24,20‐24‐bisepoxy‐3β,16β,20S,22R,24S‐cholest‐5‐ene (3), were isolated from the CH2Cl2/EtOH extract of the South China Sea gorgonian coral Subergorgia reticulata. Their structures were established on the basis of extensive spectroscopic analysis. The absolute stereochemistry of compounds 2 and 3 was determined by the X‐ray crystallographic analysis and the Mosher ester determination.