In this study, glucose, sucrose, and dextrin were found to be better carbon sources for the production of pullulan by Aureobasidium pullulans HP-2001. Maximal production of pullulan with 200 g/l sucrose as a carbon source was 54.2 g/l. The highest yield of pullulan from sucrose was 0.40, when the sugar concentration was 100 g/1. Optimal conditions for the continuous production of pullulan by A. pullulans HP-2001 in a 7-1 bioreactor were determined by studying the effects of composition of feed solution, dilution rate, and concentration of sucrose in the feed solution. Pullulan concentration and productivity with 100 g/l glucose and 2.5 g/l yeast extract were 38.1 g/l and 0.53 g/l h for 72 h, respectively, in a batch culture of A. pullulans HP-2001. When the substituted medium contained 100 g/l sucrose, 2.5 g/l yeast extract, and mineral salts, which is the same composition as the medium for the production of pullulan, the pullulan concentration and productivity were 74.9 g/l and 0.55 g/l h for 120 h, respectively. The production of pullulan at the steady state increased with a dilution rate up to 0.015/h, and its concentration was 78.4 g/l with a weight average molecular weight ($M_w$) of $4.0{ imes}10^5$. Unlike a batch culture, however, the decline of the $M_w$ and the number average molecular weight ($M_n$) of pullulan was not found in the continuous culture of A. pullulans HP-2001. When the concentration of sucrose in the feed solution was 200 g/l, 113.5 g/l of pullulan was obtained at the steady state. The steady state was maintained longer in the continuous culture fed with the feed solution containing 200 g/l sucrose than when fed with the feed solutions containing either 100 or 150 g/l sucrose.