The production of lipid and gamma-linolenic acid (CLA) was studied in Mucor inaquisporus. In batch culture on ethanol, rapid lipid accumulation occurred during logarithmic growth phase of the culture and a direct proportional relationship was demonstrated between specific growth rate of the culture and GLA content of the lipid. The highest value of GLA in the lipid (36% w/w) was reached at the highest growth rate in batch culture. It has been shown that M. inaquisporus is suitable for GLA production in continuous culture. GLA content in biomass of continuous culture (2.7% w/w) was comparable to the highest GLA amount in biomass achieved in batch culture.