In the present study, in order to investigate the chemical constituents of Physalis alkekengi L. var. franchetii (Mast.) Makino, the isolation of ingredients was performed by repeated chromatography on silica gel, Sephadex LH-20 and preparative HPLC. Their structures were identified based on 1D, 2D NMR, and mass spectral analysis. A total of 14 compounds were obtained, and their structures were identified as physalin P (1), 4,7-didehydroneophysalin B (2), physalin D (3), 5α-hydroxy-25,27-dihydro-7-dehydro-7-deoxyneophysalin A(4), 4,7-didehydrophysalin B (5), ursolic acid (6), wogonin (7), blumenol A (8), nobiletin (9), liquiritigenin (10), schizandrin (11), 5-hydroxymethylfurfural (12), 5-(hydroxymethyl)-2-(dimethoxymethyl)furan (13), 1-O-[3-O-2-methyl-5-(2,3,4-trimethyl)phenyl-2,3-pentanediol]-β-D-xylopyranosyl-(1→6)-β-D-galactopyranoside(14). Among them, compound 14 is a new compound. Compounds 7–11, 13 are isolated from Physalis alkekengi L. var. franchetii (Mast.) Makino for the first time.