To observe the structure-activity relationship of lupane derivatives both on cytotoxic and antiangiogenic activity, twelve lupane derivatives were prepared; their antiangiogenic and cytotoxic activities were evaluated. Among them, four compounds were more cytotoxic than betulinic acid. Carboxylic acid at C28 seemed to be essential for cytotoxic activity. But, a selective cytotoxicity toward SK-MEL-2 was not observed. As for antiangiogenic activity, none of the compounds except lupeol showed antiangiogenic activity at 30 $mu extrm{g}$/mL.