Saccharomyces cerevisiae has been applied widely in industrial production; however, a variety of stressors and inhibitors limit its application. Therefore, exploring the tolerance mechanism of S. cerevisiae to various environmental adverse factors and improving its tolerance by various methods such as genetic modification are crucial for improving the robustness and fermentation ability of S. cerevisiae in industrial production. This article reviews the tolerance mechanism of S. cerevisiae to osmotic pressure, ethanol, high temperature, organic acid, reactive oxygen species (ROS) and sulfur dioxide, analyzes tolerance genes related to environmental stress in S. cerevisiae and summarizes the current directions in research on the tolerance mechanism of S. cerevisiae. In the future, the molecular mechanism and functional network of strain adaptation to the environment will be studied by systems biology and genetic engineering technology, which will provide theoretical and practical guidance for improving the stress resistance and fermentation ability of S. cerevisiae in industrial production.