The fatty acid, phospholipid and sterol composition of one strain of Saccharomyces cerevisiae under different oxygen levels during grape must fermentation was studied. Anaerobiosis partially inhibited yeast growth and resulted in a drop in the unsaturation index of the fatty acids throughout the fermentation, as well as an abnormally low ergosterol/phospholipid ratio. Aeration after 48 h of fermentation in anaerobiosis stimulated growth and increased cellular viability, as well as raised the unsaturation index of fatty acids. Although the ergosterol/phospholipid ratio remained low in the days following the aeration, by the end of the fermentation the value was that considered optimum for the maintenance of membrane functions.