Phellinidium (Hymenochaetales, Basidiomycota) is characterized by a monomitic hyphal system, presence of hyphoid setae, and thin-walled, hyaline and acyanophilous basidiospores. The genus is polyphyletic and has at least three independent lineages. Phellinidium asiaticum Spirin, L.W. Zhou & Y.C. Dai is described as a new species based on four specimens from northeast China and the Russian Far East. In the nLSU-based phylogeny, P. asiaticum is nested within the clade including P. ferrugineofuscum (the generic type), and it is closely related to P. fragrans and P. pouzarii, known from North America and Europe, respectively. The morphological differences between P. asiaticum and P. fragrans, as well as P. pouzarii, are discussed.