By modeling the ring-like molecule as a pearl necklace of freely jointed hard sphere, we develop a new equation of state (EOS) for the ring-like fluids on the basis of generalized Flory-Huggins (GFH) theory. Before proposing the new EOS of the ring-like fluids, we first modify the generalized Flory-Huggins theory for the chain fluids by incorporating a function related to the packing fraction into the insertion probability. The results indicate that the modified GFH EOS can predict the compressibility factors more accurately than the GFH EOS, especially for the intermediate and high packing fractions (η ≥ 0.157). Subsequently, the modified GFH theory-based EOS for the ring-like fluids is proposed. Compared to the Monte Carlo data of 3-mer, 4-mer, 5-mer, 6-mer, 16-mer, and 32-mer ring-like fluids, our EOS exhibits the best prediction among four EOSs for the compressibility factors at intermediate and high packing fractions (η ≥ 0.157), although our EOS also shows a slight underestimation for the compressibility factors at low packing fractions. In summary, this is the first report on the generalized Flory-Huggins theory-based EOS for the ring-like fluids. It is expected that the same strategy can be applied to these fluids with more complex architectures.