A circulating feeder comprises a stereoscopic storage area, a temporary storage area, a waiting area, a fixed arm and a movable arm. During working, the movable arm moves to one side of the storage area, material discs are pulled out from corresponding storage layers in the storage area to the movable arm, then the movable arm moves to one side of the temporary storage area, the material discs areconveyed from the movable arm into the temporary storage area, automatically move from the temporary storage area to the waiting area and then are conveyed from the waiting area to main machine working stations on the fixed arm for taking operation; and when the discs need to be replaced, the movable arm moves to the position near the fixed arm, the treated material discs are taken out from the main machine working stations and move to one side of the storage area to be conveyed into the storage area, and the action cycle is repeated. According to the circulating feeder, the material discs ofdifferent materials can be stored in the storage area, non-stop automatic switching of the various materials is achieved, through cooperative action of the movable arm and the temporary storage area,quick feeding and discharging operation is achieved, the production efficiency is improved, and through stereoscopic up-down arrangement, the occupied space of the circulating feeder is saved.