To explore species diversity of Hypocreaceae, collections from Guangdong, Hubei, and Tibet of China were examined and two new species and a new Chinese record were discovered. Morphological characteristics and DNA sequence analyses of the ITS, LSU, EF-1α, and RPB2 regions support their placements in Hypocreaceae and the establishments of the new species. Hypomyces hubeiensis sp. nov. is characterized by occurrence on fruitbody of Agaricus sp., concentric rings formed on MEA medium, verticillium-like conidiophores, subulate phialides, rod-shaped to narrowly ellipsoidal conidia, and absence of chlamydospores. Trichoderma subiculoides sp. nov. is distinguished by effuse to confluent rudimentary stromata lacking of a well-developed flank and not changing color in KOH, subcylindrical asci containing eight ascospores that disarticulate into 16 dimorphic part-ascospores, verticillium-like conidiophores, subcylindrical phialides, and subellipsoidal to rod-shaped conidia. Morphological distinctions between the new species and their close relatives are discussed. Hypomyces orthosporus is found for the first time from China.