From cultures of Mycogone cervina, a mycophilic fungus growing on the fruit bodies of ascomycete Paxina acetabulum, two new peptaibols (cervinin, N-Ac-Leu-Aib-Pro-Aib-Leu-Aib-Pro-Ala-Aib-Pro-Val-red-Leu (1) and the red-Leu O-acetylated derivative 2) were isolated. The structures of 1 and 2 were elucidated by spectroscopic techniques. They exhibited weak antibacterial as well as cytotoxic activities. They are the first secondary metabolites described from M. cervina.