The invention provides a photoelectric oscillator on the basis of stimulated Brillouin scattering amplification effects and a method for regulating the photoelectric oscillator, and relates to the field of photoelectric technologies. The photoelectric oscillator comprises a first laser device, a circulator, an optical fiber unit, a second laser device, a phase modulator, a tunable attenuator, a photoelectric detector unit, a tunable filter, a coupler and a power amplifier. Multi-frequency signals can be generated by laser light outputted by the second laser device via the phase modulator, back Brillouin scattering signals are generated by laser signals outputted by the first laser device in the optical fiber unit, the multi-frequency signals and the back Brillouin scattering signals are subjected to stimulated Brillouin scattering amplification, amplified multi-frequency signals are subjected to attenuation, photoelectric conversion and filtering and then are divided into two channels of signals by the coupler, one channel of signals is used as feedback signals to be inputted into the phase modulator, and the other channel of signals is used as microwave signals to be outputted. The photoelectric oscillator and the method have the advantages that output wavelengths of the first laser device can be changed, accordingly, frequencies of the feedback signals can be changed, the required multi-frequency signals can be obtained, and the tunable microwave signals can be ultimately outputted.