A new isoflavane derivative (2), a new natural isoflavane (6), four new oleanane-type triterpenoid saponins (23, 25, 28, and 29), and twenty three known secondary metabolites (1, 3–5, 7–22, 24, 26, and 27) were isolated from the aerial parts of Astragalus membranaceus Bunge. The chemical structures of these compounds were elucidated through spectroscopic analysis and compared with those identified in previous studies. Tyrosinase inhibition ability of isolated compounds (1–29) was evaluated. Of these, compounds 3, 4, 6, and 14 exhibited inhibitory effects, with IC50 values ranging from 24.6 to 59.2 μM. According to kinetic analysis, compounds 3 and 4 were non-competitive inhibitors of tyrosinase, whereas compounds 6 and 14 inhibited tyrosinase in uncompetitive and competitive modes, respectively. Molecular docking analysis identified that compounds 3, 4, and 6 could bind to allosteric sites and compound 14 could bind to the catalytic site of tyrosinase, which is consistent with the results of kinetic studies. Molecular dynamics behaviors of the active compounds in complex with tyrosinase were investigated via 60 ns simulation which demonstrated their high stability. These findings indicate that the aerial parts of A. membranaceus are a potential source of natural tyrosinase inhibitors.