The invention discloses a mobile phone, which comprises an analog-to-digital conversion chip, a baseband processing chip and a power supply management chip, wherein the analog-to-digital conversion chip comprises an analog voltage input end and used for receiving analog voltage with a preset numerical value through the analog voltage input end and converting the analog voltage to digital voltage; the baseband processing chip is used for acquiring a conversion relation between detected digital voltage and analog voltage to be detected according to the analog voltage and the digital voltage; and the power supply management chip comprises a power supply voltage input end and used for receiving independent power supply voltage through the power supply voltage input end and supplying power to the analog-to-digital conversion chip and the baseband processing chip, wherein the analog voltage and the independent power supply voltage are provided by different voltage sources. The invention further discloses a voltage calibration method of the mobile phone. By the technical scheme, the analog voltage and the independent power supply voltage can be provided by the different voltage sources during voltage calibration, so the mobile phone can be used for accurate voltage calibration.