Using a bioassay-guided fractionation approach, two unprecedented guaiane-type sesquiterpenes along with five known compounds were isolated from the fruits of Pittosporum undulatum (Pittosporacea), traditionally used in Azores archipelago due to their anti-inflammatory properties. The structures of compounds were established by 1D and 2D NMR spectroscopic techniques and MS analyses. The in vitro anti-inflammatory activity of compounds was evaluated by analyzing their inhibitory effects on chemical mediators released by the LPS activated RAW 264.7 murine macrophages cell line. The new compounds displayed anti-inflammatory activity comparable to that found for the positive control indomethacin and no cytotoxic effect in the mentioned cell line. Furthermore, some compounds were also assessed for their anti-proliferative activity in lung large cell carcinoma COR-L23 and amelanotic melanoma C32 cells.