This study evaluated different vegetable oils as the second carbon source in liquid static culture of Cordyceps militaris in terms of mycelial growth and cordycepin production. The maximum mycelial concentration and cordycepin production were observed under cottonseed oil and peanut oil induction, respectively. In the condition of adding 20 g/L of peanut oil at Day 0, the final concentration of cordycepin reached to the highest, about 5.29 g/L, which was about 3.17 times higher than that of the control. The qRT-PCR and enzyme activity analysis confirmed that addition of peanut oil up-regulated the expression of the genes encoding glucose-6-phosphate dehydrogenase and isocitrate lyase, as well as the genes in the cordycepin biosynthesis pathway, cns1 and cns2, during the cultivation in C. militaris.