Four new compounds, craterellin D (1), 5-hydroxymethyl-2-hydroxy-4-methoxy-phenylethanone (2), 5-carboxyl-2-[2-(1,2-dihydroxyisopropyl)]-benzofuran (3), and 6α-hydroxy-3-methoxy-4α-methyl-2-cyclohexen-1-one (4), were isolated from cultures of the basidiomycete Craterellus odoratus, together with three known compounds craterellins A-C (5-7). Structures of 1-4 were elucidated on the basis of extensive spectroscopic analysis. Selected compounds were evaluated for their inhibitory activities against one isozyme of 11β-hydroxysteroid dehydrogenase (11β-HSD1) and cytotoxic activities on five tumor cell lines. Compound 2 was found to exhibit inhibitory activity against human 11β-HSD1 with an IC₅₀ value of 16.4 μg/ml.