Twenty components (including a new flavanone) were isolated and identified from the whole plant of Anaphalis sinica Hance. Their structures were determined on the basis of spectral analysis and chemical transformation. These components are 6‐[(5‐methyl‐6‐ethyl‐4‐hydroxy‐pyrone‐3‐yl)‐methylene]glabranine (1), kaempferol (2), tiliroside (3), quercetin (4), quercetin‐3‐O‐β‐D‐glucoside (5), scutellarin (6), 5,7‐dihydroxy‐8‐methoxyflavone (7), 5,7‐dihydroxy‐4′‐methoxy‐flavone‐7‐O‐α‐L‐rhamnopyranosyl(1→6)‐β‐D‐glucopyranoside (8), helipyrone (9), 4′‐hydroxydehydrokawain (10), panamin (11), ursolic acid (12), pomolic acid (13), 3‐acetyloleanolic acid (14), a mixture of N‐(2‐hydroxy‐acyl)‐4‐hydroxy‐8(E)‐ene‐sphingenine (15), O‐methyl‐D‐inositol (16), a mixture of β‐sitosterol (17) and stigmasterol (18) and a mixture of daucosterol (19) and stigmasterol‐β‐D‐glucoside (20). Among them, 6‐[(5‐methyl‐6‐ethyl‐4‐hydroxy‐pyrone‐3‐yl)‐methylene]glabranine (1) is a new compound, and 13C NMR data of panamin (11) is reported for the first time.