A process is provided for the total synthesis of a cyclic peptide, which is useful as antifungal drug, and novel compounds prepared by the synthesis method. The cyclic peptide is represented by the following formula (I): ##STR1## wherein X1, X2, X4 and X7 are independently N-methyl-.alpha.-amino acid or .alpha.-hydroxy acid,provided that at least one of X1, X2, X4 and X7 is an .alpha.-hydroxy acid;X3, X6 and X8 are independently .alpha.-amino acid;X5 is a cyclic amino acid;X9 is an N-methyl-.alpha.-amino acid or .alpha.-hydroxy acid substituted by a hydroxy group;and the dotted lines represent intramolecular hydrogen bonds.The process includes cyclizing a corresponding linear peptide between X5 and X6 via a peptide bond.