Oxygenic photogranules (OPGs) have great potential for the aeration-free treatment of various wastewater, however, the effects of wastewater carbon composition on OPGs remain unknown. This study investigated the hydrodynamic photogranulation in three types of wastewater with the same total carbon concentration but different inorganic/organic carbon compositions, each operated at two replicated reactors. Results showed that photogranulation failed in reactors fed with only inorganic carbon. In reactors with equal inorganic and organic carbon, loose-structured OPGs formed but then disintegrated. Comparatively, reactors treating organic carbon-based wastewater obtained regular and dense OPGs with better settleability, lower effluent turbidity, excellent structural stability, and higher carbon assimilation rate. Sufficient amounts of organic carbon were crucial for the formation and stability of OPGs as they promoted the secretion of extracellular polymeric substances (EPS) and the growth of filamentous cyanobacteria. This study provides a basis for the startup of OPGs process and facilitates its large-scale application.