An apparatus for measuring a concentration of a light-absorbing substance in blood is disclosed. A light emitter emits light beams to irradiate a living tissue, each of the light beams being associated with one wavelength which is absorbed by the blood. A first instrument measures first intensities of the light beams, which are to be incident on the living tissue. A second instrument measures second intensities of the light beams, which are transmitted through the living tissue. A first calculator calculates an attenuation variation ratio, which is a ratio of attenuation variations of the respective light beams due to variation of a volume of the blood caused by pulsation, based on the second intensities of the light beams. A second calculator calculates the concentration based on the first intensities, the second intensities, and the attenuation variation ratio.