The ability of baker's yeast (Saccharomyces cerevisiae) to rapidly increase its glycolytic flux upon a switch from respiratory to fermentative sugar metabolism is an important characteristic for many of its multiple industrial applications. An increased glycolytic flux can be achieved by an increase in the glycolytic enzyme capacities (V max ) and/or by changes in the concentrations of low-molecular-weight substrates, products, and effectors. The goal of the present study was to understand the time-dependent, multilevel regulation of glycolytic enzymes during a switch from fully respiratory conditions to fully fermentative conditions. The switch from glucose-limited aerobic chemostat growth to full anaerobiosis and glucose excess resulted in rapid acceleration of fermentative metabolism. Although the capacities (V max ) of the glycolytic enzymes did not change until 45 min after the switch, the intracellular levels of several substrates, products, and effectors involved in the regulation of glycolysis did change substantially during the initial 45 min (e.g., there was a buildup of the phosphofructokinase activator fructose-2,6-bisphosphate). This study revealed two distinct phases in the upregulation of glycolysis upon a switch to fermentative conditions: (i) an initial phase, in which regulation occurs completely through changes in metabolite levels; and (ii) a second phase, in which regulation is achieved through a combination of changes in V max and metabolite concentrations. This multilevel regulation study qualitatively explains the increase in flux through the glycolytic enzymes upon a switch of S. cerevisiae to fermentative conditions and provides a better understanding of the roles of different regulatory mechanisms that influence the dynamics of yeast glycolysis.Baker's yeast (Saccharomyces cerevisiae) can rapidly switch between respiratory and fermentative sugar metabolism in response to changes in the availability of oxygen and fermentable sugars. This metabolic flexibility is likely to have arisen during evolution in environments where there are strong temporal and/or spatial fluctuations in sugar and oxygen levels. Upon transfer from respiratory to fermentative conditions, S. cerevisiae can, within a short time, tremendously increase its catabolic rates and start accumulating ethanol, as well as smaller amounts of acetate, succinate, and glycerol (50). In the natural, evolutionary context, this may have helped this organism rapidly monopolize sugars and create a hostile environment for competing microorganisms. This metabolic flexibility of S. cerevisiae is also an important characteristic for its multiple industrial applications. For instance, yeast biomass starved for glucose during storage has to rapidly adapt to a very high sugar concentration when it is added to bread dough or wort. Ideally, S. cerevisiae cells should be able to increase their CO 2 and ethanol production rates within minutes following their introduction into a fresh production medium. Upon such a transfer, the pathways responsi...