A method and an information handling system (IHS) perform current calibration of a multi-phase voltage regulator (VR) by using a calibrated operating phase to calibrate an unknown operating phase. A calibration controller, using a pulse width modulation (PWM) controller, enables a first unknown operating phase within a first converter sub-circuit in the multiphase VR. The calibration controller enables a calibrated circuit component electronically coupled to the first unknown operating phase. The calibration controller determines a target voltage for the first unknown operating phase based on sense component specifications. The calibration controller determines, for the first unknown operating phase, a sense voltage that identifies the first unknown operating phase as a first evaluated operating phase. The calibration controller performs calibration of operating phases of the multi-phase VR, including the first evaluated operating phase, based on a respective difference between a sense voltage and a corresponding target voltage for each operating phase.