The aqueous methanolic extract of an Indian natural medicine, the roots of Salacia oblonga WALL. (Celastraceae), was found to show inhibitory activity on the increase in serum glucose level in sucrose- and maltose-loaded rats. The water-soluble and ethyl acetate-soluble portions from the aqueous methanolic extract showed inhibitory activities on α-glucosidase and aldose reductase, respectively. From the water-soluble portion, potent α-glucosidase inhibitors, salacinol and kotalanol, were isolated, together with nine sugar related components, while a new friedelane-type triterpene, kotalagenin 16-acetate, was isolated from the ethyl acetate-soluble portion along with known diterpenes and triterpenes. The structure of kotalagenin 16-acetate was elucidated on the basis of physicochemical evidence. Principal components from this natural medicine were examined in terms of inhibitory activity on aldose reductase, and the diterpene and triterpene constituents, including the new kotalagenin 16-acetate, were found to be responsible components for the inhibitory activity on aldose reductase.