Four new fungi, viz. Clavulinopsis wumengshanensis (Clavariaceae, Agaricales), Henningsomyces bambusae (Porotheleaceae, Agaricales), Xenasma bisterigmatae, and X. guttulata (Xenasmataceae, Russulales), from Yunnan Province in China, are proposed, based on a combination of morphological features and molecular evidence. Phylogenetic analyses were conducted using a combined dataset of internal transcribed space and nuclear ribosomal RNA large subunit sequences. The ITS+LSU analysis showed that Clavulinopsis wumengshanensissp. nov. groups with C. aurantiocinnabarina, Henningsomyces bambusaesp. nov. forms a sister group with H. candidus, Xenasma bisterigmataesp. nov. is clustered with X. rimicola, and X. guttulatasp. nov. is clustered with X. pruinosum. The morphology and multi-gene phylogenetic analyses confirmed the placement of the four new taxa. Clavulinopsis wumengshanensis is distinguished by buff-yellow to straw-yellow basidiomata, clavate to subcylindrical basidia with four sterigmata, and subglobose basidiospores with several guttules (7–8.5 × 6–7.5 µm); Henningsomyces bambusae is characterized by white to cream basidiomata with short cylindric to tubular colonies, cylindrical to subcylindrical basidia with two sterigmata and globose to subglobose basidiospores (6.5–8.5 × 6.5–8.5 µm); Xenasma bisterigmatae can be characterized by its membranaceous and ash-grey basidiomata, clavate to subcylindrical basidia with two sterigmata and ellipsoid to subglobose basidiospores (10–12.5 × 8–10.5 µm); X. guttulata is distinguished by membranaceous and white to cream basidiomata, clavate to subcylindrical basidia with two sterigmata and ellipsoid to narrowly ellipsoid basidiospores (7–9 × 5.5–7.5 µm).