Two neolignan compound, magnolol $(5,5^{l}-diallyl-2,2^{l}-dihydroxybiphenyl, 1)$ and honokiol $(5,5^{l}-diallyl-2,4^{l}-dihydroxybiphenyl, 2)$ were isolated from the stem bark of Magnolia obovata and evaluated for antifungal activity against various human pathogenic fungi. Compound 1 and 2 showed significant inhibitory activities against Trichophyton mentagrophytes, Microsporium gypseum, Epidermophyton floccosum, Aspergillus niger, Cryptococcus neoformans, and Candida albicans with minimum inhibitory concentrations (MIC) in a range of $25-100{mu}g/ml$. Therefore, compound 1 and 2 could be used as lead compounds for the development of novel antifungal agents.