This study was carried out to analyze the metabolic flux of W. kimchii sk10 on pyruvate and ethanol as a carbon source. The sk10 grown on ethanol produced acetate under aerobic conditions rather than under anaerobic conditions. The lactate and acetate were produced on ethanol plus pyruvate by the sk10 grown under aerobic and anaerobic conditions, respectively. The resting cell of sk10 produced 99.1 mM acetate and 17.3 mM lactate under aerobic conditions and 51.1 mM acetate and 62.4 mM lactate under anaerobic conditions from ethanol plus pyruvate, respectively. This result is thought to be due to the difference in the $NADH/NAD^+$ ratio depending on the growth conditions. The 11-fold overproduction of NADH peroxidase results in a low $NADH/NAD^+$ratio under aerobic growth conditions. At the low $NADH/NAD^+$ ratio, the metabolic flux of pyruvate toward lactate has to be shifted to a flux toward acetate without NADH oxidation to $NAD^+$, and ethanol oxidation to acetate coupled to $NAD^+$ reduction to NADH has to be activated.