The kinetic model of asymmetric reduction of 3-oxo-3-phenylpropionic acid ethyl ester using Saccharomyces cerevisiae CGMCC No.2266 with 10% glucose as co-substrate to realize the regeneration of NADPH was established. The effect factors on reduction, the type and the content of co-substrate and coenzyme, and the changes of the substrate and product content vs. time during the reaction process were investigated. The results indicate that 10% glucose can increase the reaction conversion from 23.0% to 98.4% and NADPH is reducer. The reduction process conforms with sequence mechanisms. The model parameters are as follows: v(m)=5.0×10^(-4) mol·L^(-1)·h^(-1), k(1)=1.5×10^(-6) mol·L^(-1)·h^(-1), k(2)=3.0×10^(-3) mol·L^(-1)·h^(-1). The kinetic model is in good agreement with the experimental data.