Chemical investigation on the rice fermentation of the fungus Physisporinus vitreus led to the isolation of ten previously undescribed lanostane triterpenoids, physivitrins I–R, and three known analogues. The new structures were elucidated on the basis of extensive spectroscopic methods, including 1D & 2D NMR, HRESIMS, UV and ECD. Physivitrins I and P exhibited significant inhibitory activities against NO production in LPS-activated RAW267.4 macrophages with IC50 values of 8.2 and 11.5 μM, respectively. The comprehensive data indicated that P. vitreus is rich in lanostane triterpenes and has potential anti-inflammatory application prospects.