Low concentrations of acetic acid were used as carbon source to cultivate Cryptococcus curvatus MUCL 29819 for lipid production under high content of ammonia. Phosphorus limitation combined with initial pH regulation (pH = 6) weakened inhibition of free ammonia and promoted lipid accumulation. In batch cultivation, the produced lipid content and yield was 30.3% and 0.92 g/L, higher than those under unlimited condition (18.3% and 0.64 g/L). The content of monounsaturated fatty acid also increased from 37.3% (unlimited condition) to 45.8% (phosphorus-limited condition). During sequencing batch cultivation (SBC), the lipid content reached up to 51.02% under phosphorus-limited condition while only 31.88% under unlimited condition, which can be explained by the higher conversion efficiency of the carbon source to lipid. The total energy consumption including lipid extraction, transesterification and purification was 7.47 and 8.33 GJ under phosphorus-limited and unlimited condition, respectively.