A new picrotoxane terpenoid glycoside, austrobuxusin N (1), together with four known compounds, austrobuxusin A-D (2-5), were isolated from the leaves of the Australian endemic plant Austrobuxus swainii (Beuzev. & C.T. White) Airy Shaw. The chemical structure of 1 was elucidated by 1D- and 2D-NMR spectroscopy, along with MS data. The sugar moiety in 1 was determined to be β-D-glucose by acid hydrolysis and subsequent comparison of its specific rotation with that of standard. The relative configuration of the aglycone was assigned by ROESY NMR experiment and density functional theory (DFT) calculation of NMR data coupled with DP4 analysis. Cytotoxicity test revealed that compound 1 exhibited 71% inhibition against Caco-2 cell line at the concentration of 166 µM.