Four compounds were isolated from the culture broth of Volvariella bombycina and they were identified as ergosta-4,6,8(14),22-tetraene-3-one (1), ergosterol peroxide (2), indole-3-carboxaldehyde (3), and indazole (4) by interpretation of spectroscopic data. Among them, compound 2 exhibited melanogenesis inhibitory effect in cultured B16 mouse melanoma cells.