Inhibitory effects of high glucose and ethanol concentrations on ethanol production from wheat enzymatic hydrolysate by the zygomycetes fungus Mucor hiemalis were investigated and modeled. The ethanol yield was reduced by increasing the glucose concentration. Among different kinetic models, i.e., linear, Emerson, and modified Williams models, the latter successfully described the fungal growth kinetics. Considering the inhibitory effect of glucose, a model was developed for expressing the rate of ethanol production. In addition, the inhibitory effect of ethanol on ethanol yield was modeled. The model prediction satisfactorily covered the experimental data.