The phytochemical screening of Myricaria elegans Royle (Tamaricaceae) gave strongly positive results for terpenes. A total of six triterpenes were isolated from the CHCl₃ fraction, including eleganene-A, eleganene-B, corsolic acid, betulin, ursolic acid, and erythrodiol. The in vivo antinociceptive investigation of the plant showed a significant increase in the tail-flick latency, accompanied by mild sedation and severe ataxia. Considering the known activities of some of the compounds isolated from the plant, it may be hypothesized that the increase in the tail-flick latency may be the combined effect of analgesia, ataxia, and sedation, rather than analgesia alone. These findings suggest M. elegans to be a potential source for activity-guided isolation of important natural compounds with a variety of effects.