A voltage regulator having a multi-level, multi-phase architecture is disclosed. The circuit includes a two-level buck converter and an N-level buck converter each coupled to an output node, wherein N is an integer value of three or more. During operation, the two-level buck converter provides one of two possible voltages to a first inductor. The N-level buck converter provides, during operation, one of N voltages to a second inductor. The first and second inductors each convert respectively received voltages to currents, which are provided to a common output node. A control circuit controls the activation of transistors in each of the two-level and N-level buck converters in such a manner as to cause the voltage on the output node to be maintained at a desired level.