The invention discloses a bicycle with ratchet wheel pedals and an operating method of the bicycle. According to the bicycle disclosed by the invention, a standing posture and the gravity of a body are utilized to work, so that the bicycle has the advantages of great driving force, high power transforming efficiency, automatic return of the pedals and the like; the speed of the bicycle is high, an operating radius is enlarged in multiples, and requirements of people for easily, conveniently and rapidly riding the bicycle in a large operating radius and environment-friendly manner, are met. A left ratchet wheel pedal and a right ratchet wheel pedal are symmetrical, equidirectional and in parallel and mounted on two sides of the front half circle of a large chain wheel in the same tilt angles; the ratchet wheel ends are fixed on a center shaft in the returning center of the a large chain wheel, and pedal ends of the ratchet wheel pedals move up and down around the center shaft so as to drive the bicycle to move; the ratchet wheel pedals are connected with a lever component of a lever balancing mechanism, and after the ratchet wheel pedal on one side works, the ratchet wheel pedal on the other side works so as to drive the lever component of the lever balancing mechanism, so that the ratchet wheel pedals return to initial positions.