In a 30-1 bioreactor culture, whole differentiation occurred from 48 h, and then proceeded rapidly. As swollen hyphal fragments and arthrospores increased, cephalosporin C (CPC) production increased exponentially to $1.85;g/1^{-1}$ at 72 h. To explain the morphological changes of Cephalosporium acremonium M25 more quantitatively, specific differentiation rates and fractal analysis were employed. Specific differentiation rates of morphological factors varied greatly during the period of culture time from 48 h to 72 h, when CPC production increased significantly. Changes of fractal dimensions showed a pattern similar to that of the specific rate of arthrospores. Furthermore, it was inversely related to the specific rate of tips. Overall, it was suggested that the fractal dimension had potential for a new morphological parameter of fungal morphology, showing complex differentiation patterns.