Fructo-oligosaccharides (FOS) are prebiotics with numerous health benefits. So far, the dissolved oxygen (DO) concentration control strategy for fermentative production of FOS is still unknown. In order to improve FOS production, the effects of DO concentration and fermentation mode on FOS using Aureobasidium pullulans were investigated in this study. The greatest FOS production (123.2 ± 6.2 g/L), with a yield of 61.6% ± 3.0% (g FOS/g sucrose), was obtained in batch culture under high DO concentration. Furthermore, repeated-batch culture revealed that enzyme production and FOS production were not closely associated with cell growth. By keeping the DO concentration above 5% in the repeated-batch culture, a maximum FOS concentration of 548.3 ± 37.4 g/L and yield of 68.6% ± 2.6% (g FOS/g sucrose) were obtained, which were 3.45% and 11.4% times higher than those obtained in the batch culture without DO control, respectively. Additionally, the ratios of 1-fructofuranosyl nystose (GF4) and 1,1,1,1-kestohexose (GF5) were 33.8% and 23.2%, respectively, in the product of repeated-batch culture, but these compounds were not detected in batch culture. Thus, it can be concluded that the DO concentration affects not only the yield of FOS but also the composition of FOS with different degrees of polymerization, which is the key factor in the fermentative production of FOS with a high polymerization degree.