Four new aromatic meroterpenoids, ganocapenoids A-D (1-4), together with twelve known analogues (5-16) were isolated from the fruiting bodies of Ganoderma capense. The structures of new compounds were determined through spectroscopic methods including 1D and 2D NMR and MS analyses. Their absolute configurations were assigned by ECD calculations and specific rotation comparison. The biological activities of these substances toward regulation of lipid metabolism, neurite outgrowth-promoting activity, and AchE inhibition were assessed. Compound 15 was found to be able to block lipid accumulation at a concentration of 20 μM, and compounds 4a, 4b, and 11 show moderate neurite outgrowth-promoting activity at 10 μM, while compounds 3, 6, 11, and 13 exhibit potent AchE inhibition with the IC50 values of 28.6 ± 1.9, 18.7 ± 1.6, 8.2 ± 0.2, 26.0 ± 2.9 μM, respectively.