Arundo donax was used to investigate the effect of the enzyme and substrate concentrations on hydrolysis, pre-hydrolysis and simultaneous saccharification and fermentation (PSSF), in comparison to simultaneous saccharification and fermentation (SSF). Hydrolysis was performed at 37 and 50 °C. At the highest biomass (10%) and enzyme (69.6 FPU/g cellulose) loadings, the highest glucose concentration (32.4 g/L) was obtained (at 50 °C). SSF resulted in a cellulose conversion (91.9%) and an ethanol concentration (19.8 g/L) higher than what was obtained using PSSF at 37 °C (86.9% and 18.8 g/L, respectively) and PSSF at 50 °C (81.6% and 17.7 g/L, respectively). A positive correlation between the cellulase concentration, cellulose conversion, and ethanol content was observed. In PSSF, the increase in the solids loadings caused a reduction in the % cellulose conversion, but the ethanol concentration in PSSF and SSF increased. SSF appeared to be the most advantageous process for bioethanol production from A. donax.