Vinasse is the main liquid waste from ethanol production, and it has a considerable pollution potential. Biological treatment is a promising alternative to reduce its organic load. The aim of this study was to analyze the biodegradation of sugarcane juice vinasse in aerobic and anaerobic conditions. The content of carbohydrates, proteins and volatile fatty acids was evaluated. Vinasse samples showed a high biodegradability (> 96.5 %) and low percentage of inert chemical oxygen demand (COD) (< 3.2 %) in both aerobic and anaerobic conditions. The rates of substrate utilization were slightly higher in aerobic reactors, but COD stabilization occurred simultaneously in the anaerobic reactors, confirming its suitability for anaerobic digestion. Inert COD in anaerobic conditions was lower than in aerobic conditions. On the other hand, COD from metabolic products in the anaerobic reactors was higher than in the aerobic ones, indicating an increased release of soluble microbial products (SMPs) by anaerobic microorganisms. The results indicated that carbohydrates were satisfactorily degraded and protein-like substances were the major components remaining after biological degradation of vinasse.