This study investigated the effect of aeration rate and light intensity on biomass production and total fatty acids (TFA) accumulation by Porphyridium purpureum. The red microalgae is also known to accumulate considerable amount of arachidonic acid (ARA). In artificial seawater medium, the highest yield of TFA (473.44 mg/L) was obtained with the aeration rate of 3 L/min and light intensity of 165 µmol/m2s, whilst the highest yield of ARA (115.47 mg/L) was achieved with the aeration rate of 3 L/min and light intensity of 110 µmol/m2s. It was found that higher aeration rate led to more biomass and TFA/ARA production. However, higher light intensity could contribute to biomass accumulation, but it was adverse for TFA and ARA biosynthesis. By optimizing two operating factors (i.e., light intensity and aeration rate), TFA and ARA production by P. purpureum was significantly improved. This research provides a potential alternative means for producing ARA.