In the proceeding of screening new bioactive natural products, the ethyl acetate extract of the fermentation broth of Fusarium proliferatum ZS07, a fungus residing in the gut of long-horned grasshoppers (Tettigonia chinensis), was found possessing selective phytotoxic activity against the radicle growth of Amaranthus retroflexus L. Bioactivity-guided fractionation lead to the isolation of six fungal metabolites 1-6, including a new polyketide derivate O-methylated SMA93 (2) and five known compounds SMA93 (1), rhodolamprometrin (3), radicinin (4), dehydroallogibberic acid (5), and 3-methyl-6,8-dihydroxyisocoumarin (6). Their structures were identified on the basis of spectroscopic analysis and by comparison of the corresponding data to those reported in the literature previously. Phytotoxic effects of the four isolated compounds 1-4 on the radicle growth of A. retroflexus L. seeds were investigated under laboratory conditions, and compounds 2 and 4 showed good phytotoxic activity in the concentration of 100 μg/mL, with the inhibition rates of 83.0 and 65.2%, respectively. Furthermore, the antibacterial activity of compounds 1-5 were evaluated against selected bacteria. Compounds 1-3 were found to possess potent antibacterial activity against Bacillus subtilis (ATCC 6633), with the minimum inhibitory concentration (MIC) values of 3.13-12.50 μg/mL, while Escherichia coli (ATCC 8739) and Salmonella typhimurium [CMCC(B) 50115] were not susceptible. These results suggest that the new polyketide derivate 2 and known compounds 1, 3, and 4 have potential to be used as biocontrol agents in agriculture.