The carotenoid biosynthesis of a red oleaginous yeast, Rhodotorula glutinis was significantly changed when the yeast was grown on different carbon substrates. The highest carotenoid production was obtained on culture medium containing glucose when the carbon to nitrogen ratio (C/N ratio) was adjusted to 25.7. Galactose stimulated the biosynthetic rate of torularhodin, a xanthophyll component of the yeast. With decreasing C/N ratio of the medium, significant changes of $gamma$-carotene and torularhodin were observed such that increase in the torularhodin concentration was nearly equal to the decrease in $gamma$-carotene. It was speculated that the nature of carbon substrate affected the metabolic rate of the cell, and accompanied by the different pattern of carotenoid accumulation in the cell.