Two new cyclic depsipeptides, 1962A (1) and 1962B (2), along with the three known cyclodipeptides cyclo-(Leu-Tyr) (3), cyclo-(Phe-Gly) (4), and cyclo-(Leu-Leu) (5) were isolated from the fermentation broth of the mangrove endophytic fungus (No. 1962) isolated from an old leaf of Kandelia candel collected in Hong Kong. Through spectroscopic experimentation, X-ray crystallographic analysis, and acid hydrolysis followed by chiral HPLC analysis, their structures were established to be 1962A, cyclo-(D-Leu-Gly-L-Tyr-L-Val-Gly-S-O-Leu) (1), and 1962B, cyclo-(D-Leu-Gly-L-Phe-L-Val-Gly-S-O-Leu) (2), respectively. Both of these new cyclo-depsipeptides were found to contain one d-amino acid. In the MTT bioassay, 1962A (1) showed weak activity against human breast cancer MCF-7 cells.