Militarin was isolated from Cordyceps militaris, a caterpillar-grown traditional medicinal mushroom and reported to possess anticancer activities against several tumor cells. A number of militarin derivatives bearing different numbers of ethylene glycol unit were synthesized and evaluated for their biological activities related with anticancer and antiinflammatory effects. Among militarin derivatives tested, the compounds 2 and 5 exhibited anticancer and antiinflammatory activities.