The effects of fermentation conditions and medium compositions on the production of vitamin $B_{12}$ by Propionibacterium shermanii IFO 1239 were studied. Changes from an anaerobic to aerobic condition and a complex to synthetic medium after 48hr resulted in a 100% increase in vitamin $B_{12}$ production compared to an anaerobic culture alone. Glucose, fructose and lactose were found to be equally good as a carbon source for vitamin $B_{12}$ production. Addition of succinate and malate to the synthetic medium with glucose as a carbon source led to an increase in vitamin $B_{12}$ production by 33.6% and 17.2% respectively.