Among different types of thermoplastics, polyhydroxyalkanoates (PHAs) with different physical/mechanical and thermal properties are well known, as they are biodegradable, biocompatible, and non-toxic. However, the main drawback of PHA biosynthesis in large scale is the high cost of production. It is known that PHA production can be considerably increased under oxygen-limited conditions. In this study, growth and synthesis of medium chain length PHAs (mcl-PHAs) by Pseudomonas putida LS46 cultured with octanoic acid under oxygen-limited conditions in the batch mode was modeled. Four models including the Monod model incorporated Leudeking–Piret (MLP), the Moser model incorporated Leudeking–Piret (Moser-LP), the Logistic model incorporated Leudeking–Piret (LLP), and the Modified Logistic model incorporated Leudeking–Piret (MLLP) were investigated. Kinetic parameters of each model were calibrated by using the multi-objective optimization algorithm, Pareto Archived Dynamically Dimensioned Search (PA-DDS) by minimizing the sum of absolute error (SAE) for PHA production and growth simultaneously. Among the four models, MLP and Moser-LP models adequately represented the experimental data for oxygen limited conditions. In addition, the MLP and Moser-LP models could not adequately simulate PHA production under oxygen excess conditions. For growth, under oxygen excess conditions, this deviation was not very significant.