Only a few Crepidotus species have been previously reported from subalpine areas of China. Members of Crepidotus possessing an orange- yellow pileus are rare in China as well. Here, we describe Crepidotus yuanchui, a new species characterized by an orange-yellow pileus, ovoid basidiospores, and abundant cylindric to narrowly utriform cheilocystidia. This species is widely distributed above 2000 m asl in Yunnan Province. In addition, C. caspari, which is a distinct species based on its combined characteristics of smooth basidiospores and clamp connections, is newly recorded and detailed from subalpine China. The results of phylogenetic analyses of ITS + nLSU sequences based on maximum likelihood and Bayesian inference methods support the recognition of these two species. Photographs, descriptions, line drawings, and comparisons of related species are provided.