The effects of variable aeration in the famine period on polyhydroxyalkanoate (PHA) accumulation in aerobic granules were investigated. Results showed that regardless of the aeration rates used during famine period, all aerobic granules achieved a similar chemical oxygen demand removal and PHA content. The decrease in famine-period aeration rates accelerated the maximum PHA accumulation together with increase in granular size and settling ability. The PHA-accumulating microorganisms were found to have shifted closer to the surface of the granules when the aeration rate was reduced. Moreover, PHA compositional changes occurred, where the hydroxyvalerate content had increased with the reduction in aeration rate. Ultimately, the results indicate that the requirement of aeration for PHA accumulation in aerobic granules is highly insignificant in the famine phase. PHA production in aerobic granules under zero aeration in the famine period may result in an energy input reduction of up to 74%.