Of various carbon sources, examined for the cultivation of Phaffia rhodozyma, ethanol enhanced the astaxanthin content but severely decreased growth. Therefore, high cell mass was obtained by glucose fed-batch culture with pH-stat, and the ethanol feeding was performed based on DO-stat. As a result of this two-stage fed-batch cultivation, 30 g dry cells per liter were obtained, and the astaxanthin content reached 0.72 mg/g, which was 2.2-fold higher than that without ethanol feeding.