The performance of industrial strains has gradually improved with the rapid development of synthetic biotechnology. The production efficiency of traditional batch and fed‐batch culture is limited and product quality varies since both are dynamic processes, whereas multi‐stage continuous culture can maximise the production efficiency of specific fermentation processes and achieve consistent product quality. However, each single‐stage fermentation under multi‐stage continuous fermentation requires accurate steady‐state control, and a model with adequate accuracy is required for designing and controlling a multi‐stage continuous fermentation process. At present, there are few reports on kinetic models for the control of multi‐stage continuous fermentation. In this work, we constructed a hybrid model for Saccharomyces cerevisiae multi‐stage continuous culture, taking both oxygen limitation and Crabtree effect. The accuracy of the model was ∼80%, the advantages and limitations of the model are discussed and a potential improvement strategy is proposed.