A voltage regulator includes an error amplifier which controls the gate of an output transistor so that a feedback voltage based on an output voltage of an output terminal matches a first reference voltage, a first transistor having a gate to which a second reference voltage is supplied, and a first resistor connected between the gate of the output transistor and the source of the first transistor. The first resistor functions as a resistance constituting a phase compensation circuit by a current flowing therethrough in response to a small output current of the output transistor.