A vertical circulating conveyor includes a lowering path part (3) and a raising path part (4) that connect end portions of a conveyance path part (1) and a return path part (2) vertically positioned in a linear arrangement. The lowering path part (3) includes front wheel lowering guide rails (8A) to guide front wheels (F) of a transport vehicle (5) and rear wheel lowering guide rails (8B) to guide rear wheels (R) of the transport vehicle (5). The transport vehicle (5) is moved in the lowering path part (3) by falling under its own weight in almost the horizontal state in a powerless manner while the front wheels (F) of the transport vehicle (5) are guided by the front wheel lowering guide rails (8A) and the rear wheels (R) of the transport vehicle (5) are guided by the rear wheel lowering guide rails (8B).