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We propose a new type of semiconductor lasers by implementing the concept of parity–time symmetry in a two-dimensional circular Bragg grating structure, where both the real and imaginary parts of the refractive index are modulated along the radial direction. The laser modal properties are analyzed with a transfer-matrix method and are verified with numerical simulation of a practical design. Compared with conventional distributed-feedback lasers with modulation of only the real part of refractive index, the parity–time-symmetric circular Bragg lasers feature reduced threshold and enhanced modal discrimination, which in combination with the intrinsic circularly symmetric, large emission aperture are clear advantages in applications that require mode-hop-free, high-power, single-mode laser operation.