Antrodia cinnamomea is a medicinal mushroom producing potent bioactive triterpenoids. However, triterpenoids of A. cinnamomea in submerged culture are much less than those in fruiting bodies. Here we evaluated effects of different extracts from a host-related species, Cinnamomum camphora, on the mycelial growth and triterpenoid production of A. cinnamomea in submerged culture. The hot water extract of the stem showed the strongest promotion of the mycelial growth. The petroleum ether extract of the stem (PES) (0.05 g L−1) showed the greatest stimulatory effect on content and production of triterpenoids. A total of 39 compounds including terpenoids, phenolic and aromatic compounds were identified in the PES by GC-MS analysis. Furthermore, the effects of seven compounds contained in the PES on the mycelial growth and triterpenoid production of A. cinnamomea were evaluated. Among them, α-terpineol (0.5 mg L−1) showed the greatest stimulatory effect on the triterpenoid content (23.31 mg g−1) and triterpenoid production (91.33 mg L−1) of A. cinnamomea. Results of LC–MS analysis showed that α-terpineol (0.5 mg L−1) stimulated the syntheses of six triterpenoids in the mycelia of A. cinnamomea. This indicates that α-terpineol can act as an elicitor for triterpenoid biosynthesis in A. cinnamomea.