In the present paper, a new variety of Cordyceps gunnii (Berk.) Berk. is reported. It differs from C. gunnii by its much smaller secondary ascospores, (2.0-) 3.3 $(-4.3){ imes}1.0{sim}1.8;{mu}m$, as well as thinner asci and cap of the asci. Its anamorph is also reported as a new variety of Paecilomyces gunnii Liang, the ansmorph of C. gunnii. Its differ from P. gunnii by its conidia, mostly subglobose and much bigger, (2.2-) 4.7 $(-11.0){ imes}(1.8-);2.6;(-3.3);{mu}m$. The type specimen and dry type culture are deposited at Research Center for Entomogenous Fungi, Anhui Agriculture University, China.