Four ergosterol derivatives (1-4) have been isolated for the first time from the fruiting bodies of a basidiomycete fungus, Lactarius hatsudake, through activity-guided fractionation. Their structures were determined, using spectroscopic analysis, as: (22E,24R)-ergosta-5,7,22-dien-3beta-ol (ergosterol, 1); 5alpha,8alpha-epidioxy-(22E,24R)-ergosta-6,22-dien-3beta-ol (ergosterol peroxide, 2); 5alpha,8alpha-epidioxy-(24S)-ergosta-6-en-3beta-ol (3); and (22E,24R)-ergosta-7,22-dien-3beta,5alpha,6beta-triol (cerevisterol, 4). Compounds 2 and 3 showed selective inhibitory activity against Crotalus adamenteus venom phospholipase A(2) (PLA(2)) enzyme, but not against Apis mellifcra bee venom PLA(2). The antiphospholipase A(2) activity of compounds 2 and 3 are reported here for the first time.