Mass and energy balance method was used to analyze the variation of theoretical biomass yield and oxygen yield based on the intracellular lipid accumulation in oleaginous yeasts. Maximum biomass yield decreases with the increase of lipid content. For the oxygen yield, however, the trend is obscure because it depends not only on lipid content, but also on energetic yield. Attention is drawn to the possibility that data consistency in continuous culture of the oleaginous yeast may be checked by the method of mass and energy balance.