Three phenolic compounds (±1 and 2) including a pair of new enantiomers were isolated from the sclerotia of Inonotus obliquus. Their structures were assigned by extensive spectroscopic analyses. All the compounds were evaluated for the neuroprotective activity against oxidative damage on human neuroblastoma SH-SY5Y cells induced by H2O2. Compound 2 showed remarkable neuroprotective effect and significantly improved the cell viability of SH-SY5Y cells treated by H2O2.