The invention relates to a method for producing arachidonic acid oil by Mortierella alpina fermentation on the basis of dissolved oxygen control. The method comprises the following steps: carrying out progressive amplification culture on the Mortierella alpina strain in a test tube slant culture medium and a shake culture medium to prepare a seed solution, and inoculating in a fermentation tank to perform fermentation, wherein the whole fermentation process is divided into an early fermentation stage, a medium fermentation stage and a later fermentation stage. The initial rotation speed is set at 0 rpm, and the initial dissolved oxygen is set at 100%; in the early fermentation stage, the dissolved oxygen is lowered and stable at 40-70%; in the medium fermentation stage, the dissolved oxygen is controlled at 20-40%; and in the later fermentation stage, the dissolved oxygen is controlled at 40-70%. After the fermentation is finished, the Mortierella alpina cell dry weight, oil content, percent of arachidonic acid in total oil, and unit yield of arachidonic acid can respectively reach 55g / L, 54%, 65% and 20.628g / L, and the arachidonic acid production intensity is up to 2.292g / (L*d).