This article presents a mathematical model for biomass, limiting substrate, and dissolved oxygen concentrations during stable operation of self-cycling fermentation (SCF). Laboratory experiments using the bacterium Acinetobacter calcoaceticus RAG-1 and ethanol as the limiting substrate were performed to validate the model. A computer simulation developed from the model successfully matched experimental SCF intracycle trends and end-of-cycle results and, most importantly, settled into an unimposed periodicity characteristic of stable SCF operation.