For the development and routine characterization of optical devices used in medicine, tissue-equivalent phantoms mimicking a broad spectrum of human skin properties are indispensable. Our work aims to develop a tissue-equivalent phantom suitable for photoplethysmography applications. The phantom includes the optical and mechanical properties of the three uppermost human skin layers (dermis, epidermis, and hypodermis, each containing different types of blood vessels) plus the ability to mimic pulsation. While the mechanical properties of the polydimethylsiloxane base material are adjusted by different mixing ratios of a base and curing agent, the optical properties are tuned by adding titanium dioxide particles, India ink, and synthetic melanin in different concentrations. The layered structure of the phantom is realized using a doctor blade technique, and blood vessels are fabricated using molding wires of different diameters. The tissue-mimicking phantom is then integrated into an artificial circulatory system employing piezo-actuated double diaphragm pumps for testing. The optical and mechanical properties of human skin were successfully replicated. The diameter of the artificial blood vessels is linearly dependent on pump actuation, and the time-dependent expansion profile of real pulse forms were mimicked. A tissue equivalent phantom suitable for the ex-vivo testing of opto-medical devices was demonstrated.