Propionibacterium shermanii has been anaerobically propagated in batch and continuous culture with glucose and/or lactate as energy source. Specific growth rate on lactate was observed to be the same as that on glucose. In terms of cell density, the yield on glucose is higher than the yield on lactate. But the molar ratio of yield on glucose to that on lactate, 8.35, is in good agreement with the theoretical value of 8. In a mixture of glucose and lactate, P. shermanii showed diauxic growth. It used lactate before glucose utilization began. Neither temporary growth cessation nor two distinct growth phases were observed. A mathematical model is proposed to describe the diauxic growth.