Two styrylpyranones (1 and 2) were isolated from the $CH_2Cl_2$-soluble fraction of Phellinus linteus and their structures were established by extensive Nuclear magnetic resonance (NMR) spectral data as inoscavin E and C. Both compounds showed significant prolyl endopeptidase inhibitory activity with $IC_{50}$ values of $4.26{pm}0.14$ and $4.08{pm}0.04{mu}M$ and $K_i$ values of $1.50{pm}0.02$ and $1.43{pm}0.03{mu}M$, respectively. They also exhibited antioxidant capacities against the ABTS radical system with $EC_{50}$ values of $6.47{pm}0.05$ and $7.64{pm}0.06{mu}M$, respectively.