A pulse photometer comprising: an emitter that is configured to emit at least three kinds of light beams at different wavelengths; a detector that is configured to output at least three kinds of intensity signals in accordance with intensities of the at least three kinds of light beams that are transmitted through or reflected from a living tissue of a subject; a first signal separator that is configured to separate a first signal component and a first noise component based on intensity signals (I1, I2) of two kinds of light beams in a first combination selected from the at least three kinds of light beams; a second signal separator that is configured to separate a second signal component and a second noise component based on intensity signals of two kinds of light beams in a second combination selected from the at least three kinds of light beams; a first determining section that is configured to determine whether a first difference between a first signal absorbance ratio of the first signal component and a first noise absorbance ratio of the first noise component is smaller than a first predetermined value or not; a second determining section that is configured to, when it is determined that the first difference is smaller than the first predetermined value, determine whether a second difference between a second signal absorbance ratio of the second signal component and a second noise absorbance ratio of the second noise component is smaller than a second predetermined value or not; and a concentration calculating section that is configured to, when it is determined that the first difference is equal to or larger than the first predetermined value, calculate a concentration of a light absorption material in blood of the subject based on a fundamental frequency of the first signal component, and, when it is determined that the second difference is equal to or larger than the second predetermined value, calculate the concentration of the light absorption material in blood based on a fundamental frequency of the second signal component, wherein the first combination and the second combination are distinct. an emitter that is configured to emit at least three kinds of light beams at different wavelengths; a detector that is configured to output at least three kinds of intensity signals in accordance with intensities of the at least three kinds of light beams that are transmitted through or reflected from a living tissue of a subject; a first signal separator that is configured to separate a first signal component and a first noise component based on intensity signals (I1, I2) of two kinds of light beams in a first combination selected from the at least three kinds of light beams; a second signal separator that is configured to separate a second signal component and a second noise component based on intensity signals of two kinds of light beams in a second combination selected from the at least three kinds of light beams; a first determining section that is configured to determine whether a first difference between a first signal absorbance ratio of the first signal component and a first noise absorbance ratio of the first noise component is smaller than a first predetermined value or not; a second determining section that is configured to, when it is determined that the first difference is smaller than the first predetermined value, determine whether a second difference between a second signal absorbance ratio of the second signal component and a second noise absorbance ratio of the second noise component is smaller than a second predetermined value or not; and a concentration calculating section that is configured to, when it is determined that the first difference is equal to or larger than the first predetermined value, calculate a concentration of a light absorption material in blood of the subject based on a fundamental frequency of the first signal component, and, when it is determined that the second difference is equal to or larger than the second predetermined value, calculate the concentration of the light absorption material in blood based on a fundamental frequency of the second signal component, wherein the first combination and the second combination are distinct.