Fractionation of methanol extracts of the fruit bodies of two inedible mushrooms Hydnellum suaveolens and Hydnellum geogerirum (Thelephoraceae) resulted in isolation of two new p-terphenyl derivatives named hydnellins A and B and sarcodonin delta possessing N-oxide. Their structures were determined by 2D NMR, IR, UV spectroscopy, and chemical reaction. These terphenyls showed moderate antioxidant activity.