Saurauia decolorata from the Mt. Pantaron Range, Bukidnon and Mt. Balatukan Natural Park, Misamis Oriental, Mindanao Island, the Philippines, is illustrated and described as a new species. It closely resembles S. avellana and S. elegans in having branchlets, petioles, and abaxial surfaces of the leaves covered with tomentum and scales, densely clustered flowers, longitudinal anther dehiscence, and 3–4 styles. However, S. decolorata is distinguished from these species by its prominent rusty-colored tomentum and scales on branchlets and abaxial leaf surfaces, cordate leaf bases, crenate margin, 16–21 pairs of lateral veins, fascicled-cymose inflorescences that are both axillary and ramiflorous, and sparsely scaly pinkish green outer sepals. This discovery further emphasizes the unique biodiversity of the forests of the Pantaron Range and Mt. Balatukan which urgently need legislative protection and enhanced protected area management plans, respectively.