Investigation of bioactive compounds from the rhizomes of Kaempferia elegans led to the isolation and characterization of ten new diterpenoids, namely, five 12,13-seco-diterpenoids named elegansins A-E (1-5) and five new abietanes, elegansols A-E (6-10), together with seven known diterpenoids (11-17). The structure elucidation of the new compounds was achieved by HRESIMS, NMR, and ECD spectroscopic analysis. Compounds (1-5) are the first examples of 12,13-seco-diterpenoid-type compounds representing a decalin fused dihydropyran skeleton. Plausible biosynthetic pathways for compounds 1-5 are proposed. Aromatase inhibitory activities of all compounds were evaluated, and abieta-8,11,13-trien-11-ol (16) was found to be the most potent aromatase inhibitor with an IC50 value of 3.7 μM.