The aspects of pullulan production by Aureobasidium pullulans were investigated under various initial pH, carbon source and nitrogen source conditions. The resulting pullulan fermentation broths were analyzed by using GC, LC and GPC techniques. The maximum pullulan production was obtained in the culture medium containing 5% sucrose at pH 6, 28$^{circ}C$ after 7 days of cultivation. Under the pH 3, pullulan was almost not produced although the total cell mass of A. pullulans was increased, and the case on using (NH4)SO4 as a nitrogen source, which usually cause the fermentation medium under pH 3, also gave the similar phenomena. Sucrose was believed to converted to trisaccharide and glucose extracellulary and polymerization of glucose was proceeded intracellulary.