A voltage regulator module includes a first circuit board assembly, a second circuit board assembly and a magnetic core assembly. The first circuit board assembly includes a first printed circuit board. The second circuit board assembly includes a second printed circuit board, at least one output capacitor, a plurality of ball grid arrays and at least one bonding pad. The second printed circuit board includes a first surface and a second surface. The plurality of ball grid arrays are disposed on the second surface of the second printed circuit board. The at least one bonding pad is arranged beside the first surface of the second printed circuit board. The magnetic core assembly is arranged between the first circuit board assembly and the second circuit board assembly and electrically connected with the at least one bonding pad. The at least one output capacitor is embedded within the second circuit board assembly.