A new 28-norlupane triterpenoid, 3-acetate-28-norlup-20(29)-en-3β-hydroxy-17β-hydroperoxide (1) and a new tirucallane triterpenoid, cornusalterin M (2), together with one known triterpenoid, 3-acetate-28-norlup-20(29)-en-3β,17β-diol (3), were isolated from a MeOH extract of the stems of Cornus walteri. The chemical structures of the new compounds (1 and 2) were elucidated based on comprehensive one- and two-dimensional (1D and 2D) NMR spectroscopic experiments and high resolution-electrospray ionization (HR-ESI)-MS. Among the isolates, compound 1 was a relatively rare triterpenoid identified as a 28-norlupane-type triterpene with a 17β-hydroperoxide group and compound 3 was previously reported but only as a synthetic product. The cytotoxic activities of the isolated compounds 1–3 were evaluated by determining their inhibitory effects on human tumor cell lines (A549 (non-small cell lung carcinoma), SK-OV-3 (ovary malignant ascites), SK-MEL-2 (skin melanoma), and HCT-15 (colon adenocarcinoma)).