Continuous cultivation of Rhodotorula so. Y-38 was carried out on ethanol, acetic acid or acetaldehyde. At a feed concentration of 1.0 % (w/v) ethanol, the cell yield of 64 g/100 g ethanol and crude protein of 52 g/100 g biomass were obtained at D=0.5 h(-1). The respective value of the content of amino acids and nucleic acids was 42.6 and 9.4 g/100 g biomass. At 2.0 % (w/v) acetic acid, cell yield was found to be 50 g/100 g acetic acid at D=0.4 h(-1). The optimum dilution rate ranged between 0.3 and 0.4 h(-1). At 0.05 % (w/v) acetaldehyde, the maximum cell yield was obtained at D=0.14 h(-1).