The chemical investigation of the South China Sea soft coral Sinularia densa has resulted in the isolation of seven new terpenoids, including two new meroterpenoids, namely sinudenoids F–G (1–2), and five new cembranes, namely sinudenoids H–L (3–7). Their structures and absolute configurations were elucidated based on extensive analyses of spectroscopic data, single-crystal X-ray diffraction, comparison with the literature data, and quantum chemical calculations. Among them, sinudenoid F (1) and sinudenoid G (2) are rare meroterpenoids featuring a methyl benzoate core. Sinudenoid H (3) possesses a rare carbon skeleton of 8, 19-bisnorfuranocembrenolide, which is the second reported compound with this skeleton. In a bioassay, sinudenoid H (3) exhibited better anti-inflammatory activity compared to the positive control indomethacin at 20 µM in CuSO4-treated transgenic fluorescent zebrafish. Moreover, sinudenoid J (5) and sinudenoid L (7) exhibited moderate anti-thrombotic activity in arachidonic acid (AA)-induced thrombotic zebrafish at 20 µM.