The invention discloses a power supply system for a miniature combined regenerative fuel cell. The power supply system is formed by compactly pressing a proton exchange membrane which includes a plurality of membrane electrode units and serves as a dual-function membrane electrode assembly for both electrolyzation and power generation, a bottom box which is filled with hydrogen-storage materials and electrolytic water, and taken as the hydrogen storage and the water supply, a base plate with air holes, a pole plate and a top cover. The power supply system can automatically absorb oxygen as anoxidant from the air. The membrane electrode units are connected in series in a certain order, and thereby realizing the cycle operation of electrolyzation and discharge on the same membrane. Therefore, the equipment structure is simplified and the size and the weight are reduced. The power supply system has the advantages of good cycle operation performance and stable output power, and provides agood development for the application of the miniature fuel cells in the aspect of the portable electronic products.