Algebraic and graphical analysis were performed for physical equilibriums in the circulatory system, in relation to the blood pressure regulation. 1. Linear relations for the small changes in pressures and volumes of major compartments of the circulatory system was studied, and the blood distribution to the compartments were obtained for the small change in the blood volume, and a concept of equivalent impedance of the heart was introduced. 2. Graphical analysis was shown for the nonlinear relation of the arterial pressure v. s. cardiac output, and for the blood distribution to the arterial and the venous system. 3. Equilibrium conditions of the colloid osmotic pressure and the capillary pressure were studied. Assuming that the cardiac function was unchanged, it is shown that a stable equilibrium condition was uniquely determined for any content of total plasma protein. 4. Graphical analysis was shown for the recovery process of plasma volume after hemorrhage.