Fomitopsis subfeei sp. nov. is described from southern China based on morphological and molecular evidence. This fungus is characterized by perennial, effused-reflexed to pileate basidiomes, concentrically sulcate pileal surface, pinkish brown to vinaceous brown pore surface, fusoid cystidioles, small, oblong-ellipsoid basidiospores (4–5 × 1.9–2.5 μm), and occurrence on gymnosperms. Morphologically, Fomitopsis subfeei is similar to F. feei and F. incarnata, but distinct from the latter two species phylogenetically. Phylogeny based on the internal transcribed spacer regions and nuclear large subunit ribosomal RNA gene regions supported Fomitopsis subfeei as a distinctive new species in Fomitopsis.