Mallotus nepalensis (Euphorbiaceae) is a small tree found in central and eastern Himalayas, Nepal, Wallich and Sikkim. The 90% ethanolic extract of Mallotus nepalensis exhibited mild CNS depressant activity. Four compounds, lupeol (1), ${eta}-sitosterol$ (2), ursolic acid (3) and ${eta}-sitosterol-;{eta}-D-glucoside$ (4) were isolated from the 90% ethanolic extract of this plant of which 1, 3 and 4 are being reported for the first time from this species.