The species of the genus Pyropia have a diplohaplontic life cycle, in which there is a gametophytic phase (n) or blade, and a microscopic sporophytic phase (2n), known as conchocelis, as well as intermediate stages of development. Pyropia species, together with Porphyra species, belong to the group of the most commercialized and produced macroalgae worldwide, mainly due to their high nutritional value and high content of bioactive compounds with antioxidant and anti-inflammatory activity. The interest in cultivating and exploiting this marine resource has increased in recent years; nevertheless, despite the development of cultivation techniques and technologies for these species, there are still difficulties involved in their successful cultivation, mainly related to the great interspecific and intraspecific variability in the required culture conditions. In this work, we study the life cycle development of Pyropia orbicularis, a species endemic to the South Pacific, to determine the effect of abiotic culture parameters, such as the temperature and photoperiod, on the formation and development of early and late life cycle stages, such as conchocelis formation, cochoesporangial filaments, conchospore release and blade growth. Our results demonstrate that the conchocelis phase grew rapidly under 8:16 h (L:D) photoperiod conditions at both 15 °C and 20 °C. The lower temperatures favored the formation of conchosporangia and conchospores; the rate of their development was increased at 15 °C. The development of the blades in the suspended culture system was constant during the experimental period, generating blades of the same color and shape as those from natural populations. Our results reflect the adaptation of P. orbicularis to the seasonal environmental conditions it is exposed to and the importance of maintaining optimal abiotic parameters for the success of its culture. This work is the first to describe the full life cycle development of P. orbicularis under controlled conditions, which has important implications for commercial production.