Hypogymnia bulbosa is a species of foliose lichen in the family Parmeliaceae.

Found in Southern China, it was described as a new species by Bruce McCune and Li-Song Wang in 2003.

The type specimen was collected from the Zi ben Mountain in Cao County (Yunnan).

It is known to grow at elevations ranging between 2,800–3,800 metres (9,200–12,500 ft), generally in conifer forests.

The lichen is characterized by features such as the rimmed holes on the lower surface of the thallus, the presence of the chemical physodalic acid, and the adundant budding.