As part of an ongoing search for new antidiabetic agents from medicinal plants, three new (2, 4, and 5) and two known selaginellin derivatives (1 and 3) were isolated from a methanol extract of Selaginella tamariscina. The structures of the new compounds were determined by spectroscopic data analysis. All isolates showed strong glucose uptake stimulatory effects in 3T3-L1 adipocyte cells at a concentration of 5 μM. Furthermore, these compounds were found to possess inhibitory effects on PTP1B enzyme activity with IC50 values ranging from 4.6 ± 0.1 to 21.6 ± 1.5 μM. Compound 2 showed the greatest potency, with an IC50 value of 4.6 ± 0.1 μM, when compared with the positive control (ursolic acid, IC50 = 3.5 ± 0.1 μM). Therefore, these selaginellin derivatives may have value as new lead compounds for the development of agents against type 2 diabetes.