The invention relates to an annular pipe jacking machine which comprises an annular shell, a cutter head, a muddy water system, a synchronous grouting system, a jacking mechanism, a guide system and a control system. The annular shell comprises an outer-layer shell body and an inner-layer shell body, the cutter head is arranged in the annular shell, the muddy water system comprises a mud inlet and outlet pipeline and a mud and water separation treatment device, the mud and water separation treatment device is arranged on the ground, grouting pipes of the synchronous grouting system are arranged in the annular shell and sections of a jacking pipe respectively, thixotropic slurry is injected through a grouting hole, the jacking mechanism is arranged in a jacking pipe work well and used for jacking the sections of the jacking pipe, the guide system comprises a gyroscope, a tilt meter and a height gauge which are used for determining the posture of the annular pipe jacking machine and tunneling precision, and the control system is arranged on the ground and used for performing cooperative control on the cutter head, the muddy water system, the synchronous grouting system, the jacking mechanism and the guide system. Compared with the prior art, an excavated section is small, the shape of the section is flexible, and the annular pipe jacking machine is suitable for building tunnels with large sections and extra-large sections.