In this study, batch processes of pullulan production by Aureobasidium pullulans CCTCC M 2012259 under different pH environments were evaluated. The pH of the medium decreased quickly to an acid stress condition under batch fermentation without pH control. A higher pullulan production was always obtained with a lower biomass under a given glucose concentration with constant pH control, and vice versa. Based on the nonlinear regression analysis of the results obtained from diverse pH control modes, a constant controlled pH of 3.8 was predicted as an optimum pH for efficient pullulan production using a one-element cubic equation. A maximum pullulan concentration of 26.8 g/L and a minimum biomass of 8.1 g/L were achieved under the optimal pH of 3.8, which were in good agreement with the results predicted by the mathematical model. Further information on the physiological characteristics of A. pullulans CCTCC M 2012259 such as intracellular pH, NADH/NAD(+), ATP/ADP, and glutathione generation under moderate or severe acidic conditions were investigated, and the results presented more evidence on why pullulan biosynthesized with high efficiency under moderate acid stress (e.g., pH 3.8), which would also help us to better understand the response of the cells to acid stress.