In the present study, we developed a two-liquid phase fermentation system by adding 1% n-dodecane as oxygen-vector to enhance the microbial lipids productivity of Trichosporon fermentans using cassava starch hydrolysate. Results suggest that the oxygen-vector could alleviate the oxygen shortage in flask fermentation. The cell mass and lipids concentration were 101.2 g/L and 50.28 respectively in 2 L fermenter with the presence of 1% n-dodecane. Additionally, gas chromatography analysis also reveals that the microbial lipids produced by T. fermentans contained a higher percentage of saturated fatty acid in the oxygen-vector case.