This present study mainly focused on the investigation and optimization of the fermentation performance of oleaginous yeasts on Eucommia ulmoides Oliver hydrolysate (EUOH), which contains abundant and diverse sugars. More importantly, the impacts of the mixed strains fermentation compared with the single strain fermentation were analyzed and evaluated, through systematic investigations of substrate metabolism, cell growth, polysaccharide and lipid production, COD and ammonia-nitrogen removals. It was found that the mixed strains fermentation could effectively promote a more comprehensive and thorough utilization of the various sugars in EUOH, greatly improve COD removal effect, biomass and yeast polysaccharide production, but could not significantly improve the overall lipid content and ammonia nitrogen removal effect. In this study, when the two strains with the highest lipid content (i.e. L. starkeyi and R. toruloides) were mixed-cultured, the maximum lipid yield of 3.82 g/L was achieved, and the yeast polysaccharide yield, COD and ammonia-nitrogen removal rates of the fermentation (LS+RT) were 1.64 g/L, 67.4% and 74.9% respectively. When the strain with the highest polysaccharide content (i.e. R. toruloides) was mixed-cultured with the strains with strong growth activity (i.e. T. cutaneum and T. dermatis), a large amount of yeast polysaccharides could be obtained, which were 2.33 g/L (RT+TC) and 2.38 g/L (RT+TD) respectively. And the lipid yield, COD and ammonia-nitrogen removal rates of the fermentation (RT+TC), (RT+TD) were 3.09 g/L, 77.7%, 81.4% and 2.54 g/L, 74.9%, 80.4%, respectively.