Stephanotis mucronata (Blanco) Merr. has been used for rheumatoid arthritis in Chinese folk herb medicine. Guided by bioactive test, a novel potent immunosuppressive C(21) steroidal glycoside stemucronatoside K (SMK) was isolated from this plant. Its structure was elucidated on the basis of the chemical evidence and extensive spectroscopic methods. We investigated the immunosuppressive effects of SMK in vitro and in vivo. SMK significantly suppressed concanavalin A (Con A)- and lipopolysaccharide (LPS)-stimulated splenocyte proliferation in vitro in a concentration-dependent manner. ICR mice were immunized subcutaneously with OVA on the first day and administered intraperitoneally with SMK at the doses of 2.5, 5, and 10 mg/kg once daily for 10 days. At 24 h after the last administration, mitogen- and OVA-stimulated splenocyte proliferation, the levels of cytokines from splenocytes, and specific antibody titers in serum were measured. SMK significantly inhibited Con A-, LPS- and OVA-induced splenocyte proliferation in the immunized mice in a dose-dependent manner. OVA-specific IgG, IgG1, and IgG2b antibody titers were significantly reduced by SMK compared with the control group. SMK also significantly decreased OVA-induced interleukin-2 (IL-2), interferon-gamma (IFN-gamma), and IL-4 production from splenocytes in the OVA-immunized mice. These results demonstrated that SMK could suppress the cellular and humoral immune response in mice. This study provided evidence to understand the therapeutic effects of S. mucronata and an immunosuppressive natural product compound to further researches to be developed as immunosuppressant.