A new triterpenic diester, 3,21-dipalmitoyloxy-16β,21α-dihydroxy-β-amyrine (1), along with two natural cyclitols, conduritol C (2) and viburnitol (3), four known triterpenes (4–7), and seven known flavonoids (8–14) were isolated from the aerial parts of Chrysanthemum macrocarpum. Their structures were established on the basis of extensive 1D and 2D NMR (1H, 13C, COSY, HMBC, HSQC, and ROESY) and ESIMS studies. The chloroform fraction, taraxasterol (4) and β-sitosterol (7) were investigated for their antibacterial activity against Staphylococcus aureus, Enterococcus faecalis, Escherichia coli, Pseudomonas aeruginosa and Klebsiella pneumoniae. The chloroform fraction and taraxasterol (4) showed a weak antibacterial activity and were evaluated for their cytotoxic activity against human colon cancer HT-29 cells and human prostate carcinoma PC3 cells. The results indicated that both the chloroform fraction and taraxasterol (4) inhibited cell proliferation of both PC3 and HT-29 cells.