The cybernetic approach to modeling of microbial kinetics in a mixed-substrate environment has been used in this work for the fermentative production of ethanol from cheese whey. In this system, the cells grow on multiple substrates and generate metabolic energy during product formation. This article deals with the development of a mathematical model in which the concept of cell maintenance was modified in light of the specific nature of product formation. Continuous culture data for anaerobic production of ethanol by Kluyveromyces marxianus CBS 397 on glucose and lactose were used to estimate the kinetic parameters for subsequent use in predicting the behavior of microbial growth and product formation in new situations.