A modeling approach was used to quantify the kinetic behavior of a Yarrowia lipolytica strain capable of producing significant lipid amounts when cultivated on industrial fats. Biomass and cellular lipid evolution were successfully simulated, while the optimized parameter values were similar to those experimentally measured. The maximum specific formation rate of fat-free biomass seemed unaffected by the substrate fatty acid composition. On the contrary, the maximum concentration of lipid accumulated inside the yeast cell, as well as the maximum specific accumulation rate of cellular lipids, was favored in high stearic acid content media. The microorganism presented the tendency to degrade its accumulated lipids, although remarkable substrate fat amounts remained unconsummated in the culture medium. This degradation slowly occurred in the yeast cell as the specific rate of the intracellular carbon pool (storage lipid consumption) was significantly lower compared with that of the extracellular carbon pool (substrate fat). However, the fat-free biomass yield on storage lipids (g of fat-free biomass formed per g of storage lipids consumed) was higher than the one on the substrate (g of fat-free biomass formed per g of medium fat consumed).