Mucor indicus was cultivated under aerobic and anaerobic conditions to study its tolerance against high concentration of glucose up to 350 g/L and ethanol up to 120 g/L present in the medium. The fungus could grow well even in 350 g/L glucose and produce ethanol, but it was able to assimilate the entire glucose when its concentration was less than 200 g/L. On the other hand, M. indicus produced ethanol as the main product with yield and concentration up to 0.45 g/g and 73 g/L, respectively, while glycerol, its only major byproduct, was produced up to 24 g/L. However, the fungus was not so tolerant against exogenously added ethanol, and it could not grow with more than 40 g/L added ethanol to the culture. Under aerobic conditions, M. indicus displayed different morphology, switching from long filamentous to yeast-like growth forms by increasing initial glucose concentration. This implies that yeast-like growth can be induced by growing M. indicus at high glucose concentration. Under anaerobic conditions, only one yeast-like form was observed.