Saccharomyces cerevisiae is industrially the most important yeast, and its growth in different concentrations of oxygen can be used to improve various application processes. The aims of this work were to study in aerobic and microaerophilic growth conditions the cell size and tendency of morphological changes in S.cerevisiae in different stages of growth and to assess the effect of the two growth conditions in the differentiation of quiescent and non-quiescent subpopulations in the stationary phase. Dissolved oxygen levels in the culture medium for aerobic and microaerophilic conditions were 6.6 and 5.2 mg L−1, respectively. In both growth conditions, similar viable cell populations were obtained, although in aerobic conditions the stationary phase was reached and the quiescent and non-quiescent subpopulations were also differentiated. The microaerophilic growth produced a significant reduction in the specific growth rate and consequently also in glucose and oxygen consumption. The most notable changes in cellular size and morphology occurred with the depletion of glucose and oxygen. The concentration of dissolved oxygen in the culture medium significantly modulated the growth kinetics of S. cerevisiae and their development and differentiation to quiescent cells. This could justify the need to readjust small variations in oxygen levels during yeast cultures in biotechnological processes.