During the screening of antifungal compounds from microbial secondary metabolites to control phytophthora blight of red pepper caused by Phytophthora capsici, a soil isolate, strain 38D10 was selected. Based on taxonomic studies, this strain was identified as Streptomyces neyagawaensis. The antifungal compound was purified from culture broth by HP-20 column chromatography, ethyl acetate extraction, silica gel column chromatography, HPLC and identified as concanamycin B by UV. $^1H$-NMR, $^{13}C$-NMR, SIMS analysis. Concanamycin B has strong antifungal activity against some phytopathogenic fungi but not antivacterial activity and preventive value were 50% and 100% at 125ppm and 250ppm in pot assay.