A new early vascular plant is described from the Guijiatun Formation of the Guogaishan section, Qujing, Yunnan. This plant shows smooth axes; the rhizomes are characterized by multiple K- or H-shaped branchings, forming a complex branching system; the erect axes are dichotomously branched; and the sporangia are helically arranged, spoon to ovoid shaped in lateral view. The plant is small in size, with better-preserved rhizomes, while the spikes are in poor preservation and the dehiscence line of the sporangia is invisible, and thus it is tentatively designated as cf. Zosterophyllum sp. Nevertheless, the character combination of this plant is different from typical species of Zosterophyllum and other related taxa, enriching the knowledge about the morphological variations of early vascular plants and about the floral assemblages from the Guijiatun Formation. Abundant microconchids, with a diameter of ca. 0.7~2.2 mm, occur on erect axes of the plant. Microconchids are a type of extinct aquatic invertebrates, spanning from the Late Ordovician to late Middle Jurassic, and they show a spiral-shaped calcareous shell and have been found to habitually colonize on various hard substrates including plants. Our finding that microconchids settled on erect axes of cf. Zosterophyllum sp. indicates that this plant was submerged by water during its growth period, and afterwards, the microconchids and their occupied plant axes were transported and then buried.