Two new p-terphenyls, neonambiterphenyls A and B (1–2), a new benzoquinone, neonambiquinone A (3), together with six known sesquiterpenes (4–9), were isolated from the bioluminescent mushroom Neonothopanus nambi PW3. The isolated compounds were identified by mass, IR and spectroscopic analyses (1D and 2D NMR). Compounds 1–3 and 5–7 showed cytotoxicity against cancer cell lines such as KB, NCI-H187 and MCF-7 with IC₅₀ values ranging from 1.45 to 49.31 µg/mL. In addition, compounds 1 and 5 showed cytotoxicity against Vero cells with IC₅₀ values of 38.72 and 32.90 µg/mL, respectively.