Two new phloroglucinol derivatives, named ebracteolatain A and ebracteolatain B, along with three known phloroglucinol derivatives were isolated from Euphorbia ebracteolata Hayata., and their structures were elucidated as 3,3'-diacetyl-2,4'-dimethoxy-2',4,6,6'-tetrahydroxy-5'-methyl diphenylmethane (1) and 1-[3,5-bis-(3-acetyl-2,6-dihydroxy-4-methoxy-benzyl)-2,4,6-trihydroxy-phenyl]-ethanone (2) on the basis of spectroscopic techniques and chemical methods.