Asiatic acid (AA) is a natural triterpenoid possessing anti-inflammatory, anticancer, neuroprotective, and hepatoprotective activities. Structural modification of AA may provide valuable information for further structure-activity relationship analysis. Biotransformation is an efficient, specific, and environment friendly technology for structural modification of complicated natural products. In this study, the capabilities of twenty-five strains of filamentous fungi to transform AA were screened. Two new and one known oxidation products metabolized by Fusarium avenaceum AS 3.4594 were isolated. Their chemical structures were characterized as 2-oxo-3β,15α,23-trihydroxyurs-12-en-28-oic acid (1), 3-oxo-2,15α,23-trihydroxyurs-1,12-dien-28-oic acid (2), and 2-oxo-3β,23-dihydroxyurs-12-en-28-oic-acid (3) by extensive analysis of spectroscopic data.