Two new species of Magnoliaceae, Magnolia jaenensis and M. manguillo, from the Department of Cajamarca, Peru, are described. Magnolia jaenensis is similar to M. yarumalensis but differs in the shape of the leaves and sepals, number of petals, stem and carpels. Magnolia manguillo differs from M. henaoi, M. bankardiorum, and M. virolinensis in the length of the petiole, number of secondary leaf veins, shape and length of the vaginal hypsophyll, shape of sepals, and number of carpels. Both species are the first records of Magnolia for the Peruvian montane forest at elevations above 2100 m. Furthermore, information about phenology, habitat, and conservation status are provided for each species. © 2013 The New York Botanical Garden.