Provided are a power supply circuit and a display device which are capable of enhancing power efficiency even when applied to a display panel whose current consumption varies. The power supply circuit boosts and outputs an input voltage using a booster chopper circuit. A frequency control circuit changes a frequency of a clock signal, which controls a switch of the chopper circuit, in accordance with a load of the power supply circuit. The frequency control circuit divides an operation of the display device into a display effective period at a high load and a vertical retrace period at a low load, based on a vertical synchronizing signal and a horizontal synchronizing signal. The frequency control circuit sets the frequency of the clock signal in a high-load period to be higher than that in a low-load period.