Human beings primarily understand the world through concepts (e.g., dog), abstract mental representations that structure perception, reasoning, and learning. However, how large language models (LLMs) acquire, retain, and forget such concepts during continual pretraining remains poorly understood. In this work, we study how individual concepts are acquired and forgotten, as well as how multiple concepts interact through interference and synergy. We link these behavioral dynamics to LLMs’ internal concept circuits, computational subgraphs associated with specific concepts, and incorporate graph metrics to characterize circuit topology. Our analysis reveals: (1) LLMs’ concept circuits provide a non-trivial, consistent signal of concept learning and forgetting; (2) concept circuit topology evolves stage-wise, rising during concept acquisition, and transiently rising before declining during concept forgetting; (3) semantically similar concepts induce stronger interference than weakly related ones; (4) conceptual knowledge differs in their transferability, with some significantly facilitating the learning of others. Together, our findings provide a circuit-level view of concept learning dynamics and motivate concept-aware training strategies, such as Circuit-aware Experience Replay, which uses circuit topology to prioritize concepts vulnerable to forgetting