Co-immobilized mixed culture system(A-Z system) composed of two different oxygen-demanding strains, aerobic(Aspergillus awamori) and anaerobic(Zymomonas mobilis) strains, in a Ca-alginate gel beads was developed to increase ethanol production from raw starch as a carbon source. Optimal mixture ratio of A. awamori and Z. mobilis was $1.25{ imes}10^{9};spores/L-gel$ and 0.5g cells/L-gel, respectively. After 120 hours of cultivation, gel beads distinguished oxygen-rich surface for A. awamori from oxygen-deficient central part for Z. mobilis. At A-Z culture system, yield of ethanol on glucose, $Y_{p/s}=0.18$, was very low and there was high leakage of cells from surface of gel beads. At A-Z 36 cultrue system with changing silicon check valve for cotton plug at 36 hours in A-Z culture system, there was no cell leakage from gel beads, pH was maintained at around 4.3 during cultivation, and yield of ethanol on glucose, $Y_{p/s}=0.36$, showed 2 times higher than that of control culture system(cotton plug culture).