Eutypellol A (1), the first norsesquiterpenoid of sequicarene family, as well as eutypellol B (2), a rare 7-methyl oxidized 2-carene derivative, and one new natural product 2-(2-hydroxy-4-methylcyclohex-3-enyl)propanoic acid (3), along with eight known terpenoids, were isolated from the marine sediment-derived fungusEutypella scopariaFS46 collected from the South China Sea. Their structures were established on the basis of extensive spectroscopic analysis. Compounds1–3were evaluated for their antibacterial activities againstStaphylococcus aureusand cytotoxic activities against MCF-7, NCI-H460, and SF-268 tumor cell lines.