In order to improve the ability of oleaginous yeast Trichosporon fermentans HWZ004 to produce lipid，afed-batch culture with high cell density was carried out.The effect of the initial sugar concentration on the growthand lipid accumulation of T. fermentans HWZ004 was investigated and the initial sugar concentration was determinedas 100 g /L,at which T. fermentans HWZ004 could achieve more biomass and higher lipid yield without substrateinhibition. After a 132 h fed-batch culture in a 5-L fermentor,it is found that the biomass,lipid content andlipid productivity of T.fermentans HWZ004 are respectively 102 g /L,48.3% and 0.37 g / ( L·h) .GC results revealthat the fatty acids in the obtained lipid are mainly stearic acid,palmitic acid,oleic acid and linoleic acid，and the unsaturated fatty acid content is over 65%,which means that the lipid is suitable for the biodiesel production.