Provided are an oscillatory circuit based on a metal-insulator transition (MIT) device that can generate a simple and very high oscillating frequency using the MIT device, and a method of driving the oscillatory circuit. The oscillatory circuit includes the MIT device that comprises an MIT thin film and an electrode thin film connected to the MIT thin film and in which an abrupt MIT is generated due to an MIT generating voltage, a resistor that is serially connected to the MIT device, an electric al power source limiting the maximum amount of an applied current and applying a direct current constant voltage to the MIT device, and a light source irradiating electromagnetic waves on the MIT device, wherein the oscillating properties are generated by irradiating the electromagnetic waves using the light source.