The thermotolerant methylotrophic yeast Hansenula polymorpha is able to grow at elevated temperature up to 48 °C as one of a few yeast strains which are naturally capable of alcoholic fermentation of xylose, a pentose sugar abundant in lignocellulosic biomass. However, the current level of ethanol production from xylose by H. polymorpha is still very low compared to those of other xylose-fermenting strains. Therefore, it is necessary to analyze and remodel the xylose metabolism in H. polymorpha at the whole genome level to identify and overcome these limits. In the present study, the transcriptomes of H. polymorpha grown on xylose were compared with those of glucose-grown cells under both aerobic and microaerobic conditions. Approximately, two percent of H. polymorpha genes were either up- or down-regulated by more than two-fold during the growth on xylose. The majority of the up-regulated genes were involved in metabolism. Some genes involved in xylose metabolism, such as XYL1, XYL2, and TAL1 were also up-regulated, despite the fact that the differences in their induction level were only about three-fold. On the other hand, the majority of the down-regulated genes were involved in metabolism and cellular transport. Interestingly, some genes involved in glycolysis and ethanol fermentation were also repressed during growth on xylose, suggesting that these genes are good targets for engineering H. polymorpha to improve xylose fermentation.