The aim of the study was to evaluate the potential of acetate as a carbon source by examining the fermentation performance of Schizochytrium limacinum B4D1 and its effects on metabolism using physiology and transcriptomics studies. The results demonstrated that, while the metabolic rate of acetate in S. limacinum B4D1 was lower than glucose, it increased the content of docosahexaenoic acid (DHA) in the total fatty acids. Transcriptomic analysis indicated that the use of acetate as a carbon source significantly upregulated the acetyl-CoA synthetase gene, which increased the source of acetyl-CoA for fatty acid biosynthesis. Moreover, the upregulation of polyunsaturated fatty acid enzymes promoted the polyketide synthase (PKS) pathway of fatty acid synthesis, resulting in an increase in DHA content. Meanwhile, the upregulation of genes such as long-chain acyl-CoA synthetase and 3-hydroxyacyl-CoA dehydrogenase enhanced the β-oxidation process of saturated fatty acids in mitochondria, while the downregulation of acyl-CoA oxidase and catalase genes resulted the β-oxidation process of polyunsaturated fatty acids in peroxisomes was inhibited, leading to an increased proportion of DHA in the total fatty acids. Thus, these changes in gene expression contributed to the increased proportion of DHA in the total fatty acids.