Hymenophyllum subg. Mecodium, composed of the taxonomically notorious H. polyanthos and approximately 15 other closely related taxa, is a common element of filmy fern communities in the tropical and subtropical moist forests. In Taiwan, although only H. polyanthos and one or two closely related taxa were recognized in recent studies, considerable morphological variation has been observed among populations throughout the island. Thus, we conducted an extensive morphological investigation, as well as a molecular phylogenetic analysis, to clarify the specific diversity and phylogenetic relationships within Hymenophyllum subg. Mecodium in Taiwan. Field and herbaria surveys helped in recognizing five morphs in Taiwan, mainly differentiated by the combination of certain traits, viz., the presence or absence of stipe wings, general frond size and shape, degree of laminar crispation, sori position, and involucre shape. The different morphs had diverse ecological preferences. The phylogenetic tree, inferred from the sequences of the plastid loci rbcL and rps4-trnS, demonstrated that Hymenophyllum subg. Mecodium materials in Taiwan comprise several well-supported lineages, mostly corresponding to the classification based on morphology. Comparing with the protologues and type specimens of 34 related scientific names, the five morphs are herein recognized as five independent species. A new species, Hymenophyllum exquisitum, is described here. Also, the status of H. paniculiflorum is reconfirmed and that of H. fujisanense, H. parallelocarpum, and H. punctisorum reinstated. Only H. exquisitum and H. parallelocarpum are endemic to Taiwan among all the species studied. In addition, the names Hymenophyllum blumeanum, H. integrum, H. microsorum, H. polyanthos, H. tenellum, and H. wrightii are now excluded from the regional flora, and several related taxa from China, Taiwan, and the Philippines are treated as synonyms. This study unravels the deep phylogenetic relationships within Hymenophyllum subg. Mecodium in Taiwan and Eastern Asia.