Ten compounds were obtained from the 90% ethanol extract of whole plant of Potentilla discolor Bunge. On the basis of physicochemical properties and spectral data, these compounds are identified as follows: oleanolic acid (Ⅰ), kaempferol-7-O-α-L-rhamnoside (Ⅱ), quercetin-7-O-α-L-rhamnoside (Ⅲ), 2α, 3α-dihydroxyolean-12-ene-28-acid (Ⅳ), brevifolin (Ⅴ), ellagic acid-3, 3’-dimethyl ether-4-O-β-D-glucopyranoside (Ⅵ), ellagic acid-3-methyl ether-4’-O-α-rhamnopyranoside (Ⅶ),2α-hydroxy-betulinic acid (Ⅷ), sitosterol (Ⅸ) and daucosterol (Ⅹ). In which, compound Ⅱ, Ⅲand Ⅴare isolated from genus Potentilla L. for the first time, and compound Ⅳis isolated from P. discolor for the first time.