Volatile fatty acids (VFAs) have become promising candidates for replacing the conventional expensive carbon sources used to produce polyhydroxyalkanoates (PHAs). Considering the inhibitory effect of VFAs at high concentrations and the influence of VFA mixture composition on bacterial growth and PHA production, a thorough investigation of different cultivation parameters such as VFA concentrations and composition (synthetic and waste-derived VFAs) media, pH, aeration, C/N ratio, and type of nitrogen sources was conducted. Besides common VFAs of acetic, butyric and propionic acids, Cupriavidus necator showed good capability for assimilating longer-chained carboxylate compounds of valeric, isovaleric, isobutyric and caproic acids in feasible concentrations of 2.5–5 g/L. A combination of pH control at 7.0, C/N of 6, and aeration of 1 vvm was found to be the optimal condition for the bacterial growth, yielding a maximum PHA accumulation and PHA yield on biomass of 1.5 g/L and 56%, respectively, regardless of the nitrogen sources. The accumulated PHA was found to be poly(3-hydroxybutyrate-co-3-hydroxyvalerate) with the percentage of hydroxybutyrate in the range 91–96%. Any limitation in the cultivation factors was found to enhance the PHA yield, the promotion of which was a consequence of the reduction in biomass production.