Two new sesquiterpenoid glycosides, 8 α ( H )-eudesmane-1,3,11 (13)-triene-2-one -12- O - β -D-glucopyranoside ( 1 ) and dmetelisproside B ( 2 ), together with ten known compounds ( 3 - 12 ) were isolated from calyces of Physalis alkekengi L. var. franchetii (Mast.) Makino (PAF). Their structures were unambiguously elucidated through HR-ESI-MS, UV, IR, and NMR spectral data. Compounds 1 , 10 , and 12 exhibited DPPH scavenging ability with IC 50 values of 33.69 ± 6.65, 6.29 ± 0.06, and 25.66 ± 3.06 μ M, respectively. Additionally, 10 and 12 demonstrated weak α-glucosidase inhibition activity with IC 50 values of 250.9 ± 6.60 and 347.6 ± 2.48 μ M, respectively.