The present disclosure provides a circular electric furnace, and electrode arrangement structure thereof. The electrode arrangement structure of the circular electric furnace comprises: 2n electrodes (11-16) and n single-phase transformers (40) each including two output ends, wherein the 2n electrodes (11-16) are respectively connected to the output ends of the n single-phase transformers (40), and n is an integer≥2. The electrode arrangement structure of the circular electric furnace of the present disclosure comprises 2n electrodes (11-16) and n single-phase transformers, with n≥2. That is, the structure comprises at least 4 electrodes and 2 single-phase transformers (40), and one single-phase transformer (40) is connected to two electrodes. In this way, the numbers of electrodes and transformers in the circular electric furnace are effectively increased, and the restriction of a conventional circular electric furnace which can only accommodate three electrodes and one transformer is eliminated, thus effectively increasing the electric power of a circular electric furnace.