A switching power supply apparatus includes a PFM control circuit that outputs a clock signal Set such that a switching frequency of a switching element varies in accordance with a load state. The clock signal Set determines a turn-on timing of the switching element. A reference value of a current flowing through the switching element determines a turn-off timing of the switching element. A modulation signal is applied to the turn-off timing of the switching element to modulate one of a peak value of a drain current flowing through the switching element and an on-time of the switching element. Input control is performed separately on the clock signal Set and the modulation signal. Accordingly, even when the clock signal Set and the modulation signal contribute to each other to offset each other, modulation effects are not cancelled.