The dried fruit-body of Daedaleopsis tricolor was extracted by the petroleum ether. The extracts were purified by liquid-liquid extraction, column chromatography, and recrystallization. The purified compound was a colorless orthorhombic crystal form. Its melting point, molecular weight and molar extinction coefficient $(varepsilon)$ were estimated $168-170^{circ}C$, 424 and 3,935 at 208 nm, respectively. Its structure was elucidated to be 20(29)-lupen-3-one by UV-Vis, FT-IR, NMR and X-ray crystallographic analysis. It showed antifungal activities against Saccharomyces cerevisiae and Microsporum gypseum, and antibacterial activities against Escherichia coli, Proteus vulgaris, Pseudomonas pyocyanea, Bacillus subtilis, and Staphylococcus aureus. In addition, this compound showed an antioxidative activity on lipid-peroxidation by 6.4%.