Oxygen transfer rate (OTR) is the most significant signal for aerobic bioprocess control, since most microbic metabolic activity relies on oxygen consumption. However, accurate estimation of OTR is challenging due to the difficulty of determining uncertain oxygen transfer parameters and system dynamics. This paper presents an adaptive estimator, which incorporates exhaust gas, stir speed and dissolved oxygen measurements, to predict the real-time OTR. The design of this estimator takes into account the headspace dilution effect, off-gas sensor dynamics and uncertain oxygen transfer parameters. Through simulation the estimated real-time OTR is shown to accurately track quick changes of oxygen demand in the culture. Thus, it can be applied to a variety of controls and estimation purposes, such as determining when the culture is in oxidative or overflow metabolism.