Porphyra yezoensis, a representative species of intertidal macro-algae, is able to withstand periodic desiccation at low tide but is submerged in seawater at high tide. In this study, changes in photosynthetic electron flow in P. yezoensis during desiccation and re-hydration were investigated. The results suggested that the cyclic electron flow around photosystem I (PSI) increased significantly during desiccation, continued to operate at times of severe desiccation, and showed greater tolerance to desiccation than the electron flow around PSII. In addition, PSI activity in desiccated blades recovered faster than PSII activity during re-hydration. Even though linear electron flow was suppressed by DCMU [3-(3',4'-dichlorophenyl)-1,1-dimethylurea], cyclic electron flow could still be restored. This process was insensitive to antimycin A and could be suppressed by dibromothymoquinone (DBMIB). The prolonged dark treatment of blades reduced the speed in which the cyclic electron flow around PSI recovered, suggesting that stromal reductants, including NAD(P)H, played an important role in the donation of electrons to PSI and were the main cause of the rapid recovery of cyclic electron flow in desiccated blades during re-hydration. These results suggested that cyclic electron flow in P. yezoensis played a significant physiological role during desiccation and re-hydration and may be one of the most important factors allowing P. yezoensis blades to adapt to intertidal environments.