To improve the efficiency of ε-poly-L-lysine (ε-PL) production by Streptomyces sp. M-Z18, batch and fed-batch fermentations with glucose and glycerol (co-fermentations) were performed. The batch fermentations showed that the initial ratio of glucose to glycerol plays an important role in glucose/glycerol co-fermentation. The optimal glucose/glycerol weight ratio was 30/30; this resulted in a maximum ε-PL productivity of 5.26 g/L/d. Glucose and glycerol were consumed synergistically during the co-fermentation process, and the length of time during which the substrate was exhausted was significantly shortened compared with the single carbon source fermentation. Under optimized conditions, fed-batch fermentations with glucose and glycerol as a mixed carbon source achieved maximum ε-PL concentration and productivity values of 35.14 g/L and 4.85 g/L/d, respectively. These values were respectively 1.43- and 1.39-, and 1.17- and 1.16-folds higher than those obtained from fermentations with glucose and glycerol as single carbon sources. The present study is the first to suggest that glucose/glycerol co-fermentation may be an efficient strategy for ε-PL production by Streptomyces sp. M-Z18.