For a photobioreactor for mass-culturing microalgae, it is known that flashing light effect enhances the efficiency of photosynthesis. A dynamic model for photosynthesis was developed to elucidate this effect. A particular feature of the model is that discrete RuBP particles circulate in the Calvin cycle and their speeds in the cycle are determined by the amount of ATP generated in the photon reception process. This can realise the light saturation under continuous light and the flashing light effect under fluctuating illumination. Laboratory experiments were conducted to obtain model parameters by curve-fitting for Chaetoceros calcitrans. The present model demonstrates the light flashing effect moderately well and elucidates its mechanism reasonably.