A circulatory photobioreactor is provided. The circulatory photobioreactor comprises a first cultivating part, a second cultivating part and a pump part connecting the first cultivating part and the second cultivating part. The first cultivating part comprises a culture tank in which culture media are supplied and a first light source coupled to the culture tank, which illuminates the inside of the culture tank. The second cultivating part comprises a culture pipe placed outside of the culture tank and supplied with cultures from the culture tank and a second light source coupled to the culture pipe, which illuminates the inside of the culture pipe. The pump part is connected to both the first cultivating part and the second cultivating part in order to circulate the culture solution between them.