In this study, the effects of carbon sources and various levels of sucrose (0-30%) yeast extract (0-1.25%) and phenylalanine (0-0.2%) on the production of 2-phenylethanol by Pichia fermentans L-5 were investigated. Results revealed that among the 11 carbon sources tested, glycerol and sucrose were suitable carbon sources for P. fermentans L-5 resulting in production of higher amounts of 2-phenylethanol. In the medium that contained 18% sucrose, P. fermentans L-5 produced the highest amount of 2-phenylethanol, 283.4 mg/l with a molar yield of 0.77, was noted among the various levels of sucrose tested. Increasing the amount of phenylalanine added to the culture medium to 1.0% resulted in increased production of phenylethanol. Enhanced production of 2-phenylethanol, 453.1 mg/l by P. fermentans L-5 with a molar yield of 0.71 for phenylethanol was obtained in the medium containing 18% sucrose, 0.25% yeast extract and 0.1% phenylalanine after 16 h of fermentation.