Schizochytrium sp. is a promising candidate for docosahexaenoic acid (DHA) production due to its high content of lipid and DHA proportions. To further enhance the lipid accumulation, seven chemical modulators were screened to evaluate their roles on lipid accumulation. Notably, among the seven tested chemical modulators, the addition of naphthoxyacetic acid (BNOA) or jasmonic acid (JA) was able to increase the lipid accumulation of Schizochytrium sp. S31. In addition, the effects of BNOA and JA were demonstrated dose-dependent and time-dependent, achieving a highest increase in lipid content by 11.16% and 12.71% when 2.0 mg/L of BNOA or 20 mg/L of JA was added into culture at 48 h after inoculation, respectively. In addition, the combination of 2 mg/L BNOA and 20 mg/L JA further increased lipid accumulation up to 16.79%. These results provided valuable strategy on promoting the lipid accumulation and DHA production by chemical modulators in Schizochytrium sp. S31.