Phytochemical investigation of the methanolic extract of the fruiting bodies of the inedible mushroom Hydnellum caeruleum resulted in the isolation of six p-terphenyl derivatives named thelephantins I-N (1-6), together with a known compound, dihydroaurantiacin dibenzoate (7). These structures were determined by high-resolution MS, 2D NMR, IR and UV spectroscopic analysis, and by the chemical reactions.