Three new serratane triterpenoids, (3α,14α,15α,21α)‐3,14,15,21,29‐pentahydroxyserratan‐24‐oic acid (1), (3α,21β)‐serrat‐14‐ene‐3,21,24,30‐tetraol (2), and (3α,21α)‐serrat‐14‐ene‐3,21,24,29‐tetraol (3), were isolated from Phlegmariurus squarrosus, together with eight known compounds. Their chemical structures were elucidated on the basis of in‐depth spectroscopic analyses.