Microbial oil production from sulphuric acid treated rice straw hydrolysate (SARSH) by Trichosporon fermentans was performed for the first time. Fermentation of SARSH without detoxification gave a poor lipid yield of 1.7 g/l, which was much lower than the result with glucose or xylose as the single carbon source (13.6 g/l or 9.9 g/l). The detoxification pretreatment, including overliming, concentration, and adsorption by Amberlite XAD-4 improved the fermentability of SARSH significantly by removing the inhibitors in SARSH. A total biomass of 28.6 g/l with a lipid content of 40.1% (corresponding to a lipid yield of 11.5 g/l) could be achieved after cultivation of T. fermentans on the detoxified SARSH for 8 days. Moreover, besides SARSH, T. fermentans could also utilize mannose, galactose, or cellobiose, in hydrolysates of other natural lignocellulosic materials as the single carbon source to grow and accumulate lipid with a high yield (at least 10.4 g/l). Hence, it is a promising strain for microbial oil production and thus biodiesel preparation from agro-industrial residues, especially lignocellulosic materials.