Euonymus fangdingianus , a new species from southwestern China and northern Vietnam, is described and illustrated. This species differs from its congeners mainly in having large and thick leaf blade, abaxially black‐punctate blade, impressed and abaxially prominent veins, cauliflorous inflorescences, 5‐merous dark purple flowers, and obovoid capsules with angles and grooves. A photograph image and conservation assessment for the new species are provided. In addition, the cauliflory in E. fangdingianus , an unusual flowering pattern in Euonymus , is preliminarily described.