The effect of pH, time of fermentation, and xylose and glucose concentration on xylitol production, cell growth, xylose reductase (XR), and xylitol dehydrogenase (XD) activities of Candida guilliermondii FTI 20037 were determined. For attaining XR and XD activities of 129-2190 U/mg of protein and 24-917 U/mg of protein, respectively, the cited parameters could vary as follows: initial pH: 3.0-5.0; xylose: 15-60 g/L; glucose: 0-5 g/L; and fermentation time: 12-24 h. Moreover, the high XR and XD activities occurred when the xylitol production by the yeast was less than 19.0 g/L.