The combined photosynthetic bacteria (PSB) and membrane bioreactor (MBR) technology has the great advantage of simultaneously realizing wastewater purification and bio-resource recovery and has attracted increasing attention in recent years. Light-oxygen conditions are the most vital factor in wastewater treatment. The special light-aerobic condition was first applied to PSB-MBR wastewater treatment, and it was compared with three typical light-oxygen conditions. The results showed that the highest chemical oxygen demand (COD) removal efficiency (96.28%) and the highest biomass production (1.12 g/L/d) were simultaneously obtained under light-aerobic condition. This phenomenon overcame the limitations whereby optimal pollutant removal and bioresource recovery could not be achieved at the same time. An analysis of the microbial community showed that different light-oxygen conditions caused large variations in the microbial community composition of PSB-MBR. The microbial diversity was lower when light and oxygen co-existed.