Emodinol, a new oleane type triterpene, has been isolated from the chloroform soluble fraction of Paeonia emodi. The structure 1β, 3β, 23-trihydroxyolean-12-en-28-oic acid 1 has been assigned on the basis of spectral studies including 2D NMR. It showed significant β-glucuronidase inhibitory activity. In addition benzoic acid and 3-hydroxybenzoic acid have also been reported for the first time from this species.