Phyllanthus lawii Grah. is a glabrous shrub usually growing along the bank of rivers towards the Konkan Ghats.Treatment of P. lawii together with powdered sugar candy is taken orally for 7 days in stomach and other cancers barring brain and lung cancer. Extensive literature survey revealed that no systematic study on phytochemical investigation has been carried out so far. Hence an effort has been made to isolate and characterize the phytoconstituents from the whole plant of Phyllanthus lawii. Two steroids β-Sitosterol and Stigmasterol and a triterpenoidα- amyrin acetate has been isolated from aerial part of P.lawii and their structures were established by spectral analysis and direct comparison with authentic samples. This is a first report of occurrence of these compounds from P.lawii.