One new taraxastane type triterpene (1) along with eight known compounds have been isolated from chloroform soluble fraction of Hypericum oblongifolium. The structures of the isolated compounds were elucidated on the basis of modern sophisticated 1D and 2D-NMR and mass spectrometric techniques. The known compounds were recognized as 4,4-dimethyl cholesterol (2), lupeol (3), taraxerol (4), 4,4-dimethylergosta-8,14,24(28)-triene-3β,12β,17α-triol (5), oleanolic acid (6) erectasteroid D (7), (S)-4',5-dihydroxy-7-methoxyflavanone (8), β-sitosterol-3-O-β-Dglucopyranoside (9). All the compounds were evaluated for their lipoxygenase inhibitory potential. [ABSTRACT FROM AUTHOR]