The direct production of ethanol from dextran industrial waste water was investigated by using Zymomonas mobilis via batch and semi-continuous fermentation mode. In batch fermentation, pretreated waste water (unsterilized and sterilized), pH value (3.8 and 6.0), and Mg2+ (with and without) was compared with OD600, sugar and ethanol concentration. After 24 h fermentation, sugar in the dextran waste water was almost exhausted, and the amount of ethanol accumulated reached 24.33-29.92 g/l, which is nearly 99% of the theoretical yield of ethanol. Kinetic parameters of Z. mobilis in batch fermentation were also investigated. The raw dextran waste water was also used in semi-continuous fermentation. After 48 h fermentation, the production of ethanol was 28.65 g/l. These results indicated that dextran waste water may be used as a candidate substrate and Z. mobilis could convert the raw material into ethanol directly.