This study was conducted to investigate the chemical constituents of Piper wallichii (Miq.) Hand.-Mazz. and evaluate their biological activity. Compounds were isolated by various column chromatographic methods, and their structures were elucidated on the basis of physical characteristics and spectral data. The 1, 1-diphenyl-2-picrylhydrazyl (DPPH)-scavenging activity and acetylcholinesterase (AChE)-inhibitory activity of the compounds were evaluated. Five compounds were obtained and identified as 8-C-β-D-glucopyranosylkaempferol-3-O-β-D-glucopyranoside (1), 1, 2-dihydro-6,8-dimethoxy-7-hydroxy-1-(3, 5-dimethoxy-4-hydroxyphenyl)-N(1), N(2)-bis-[2-(4-hydroxyphenyl)ethyl]-2, 3-naphthalene dicarboxamide (2), goniothalactam (3), aristololactam A IIIa (4) and piperlonguminine (5). Compound 1 was a new flavonol C-glycoside, 2 was a rare lignanamide, which was isolated from the family Piperaceae for the first time, and compound 3 was isolated from this plant for the first time. Among them, 2 showed potent DPPH-scavenging activity, with IC50 of 31.38 ± 0.97 μmol·L(-1); Compounds 2, 3, and 4 showed AChE inhibitory activity at 100 μmol·L(-1), with inhibition rates of 28.57% ± 1.47%, 18.48% ± 2.41% and 17.4% ± 3.03%, respectively.