•The natural honey contained pullulan producing yeasts.•114.0 g/L of pullulan was produced from 140 g/L sucrose within 134 h.•The high pullulan production was related to high glucosyltransferase activity and high phosphofructo-2-kinase activity.•The high pullulan production was also associated with high content of its cellular glycerol and low glucose repressor. A very high pullulan producing yeast-like fungus, Aureobasidium melanogenum TN1-2 isolated from a natural honey was found to be able to produce 97.0 g/L of pullulan from 140.0 g/L sucrose at a flask level while it could yield 114.0 g/L of pullulan within 134 h during a 10-liter fermentation, the yield was 0.81 g/g and the productivity was 0.86 g/L/h. The high ability to biosynthesize pullulan by this yeast-like fungal strain TN1-2 was related to high glucosyltransferase activity, high phosphofructo-2-kinase activity, high content of its cellular glycerol and low glucose repressor. The Mw of the produced pullulan was 1.42 × 105 g/mol. The low Mw may be due to the high α-amylase, glucoamylase and isopullulanase activities. The intracellular level of trehalose had no influence on high pullulan production by the yeast-like fungal strain TN1-2.