An information handling system (IHS) performs current calibration of a multi-phase VR using leakage current as a reference current. The IHS includes a multi-phase voltage regulator (VR) module coupled to an output port of a power supply unit (PSU). The VR module includes: a multi-phase VR having an integrated power stage that provides pulse width modulation (PWM) functionality for controlling operating phases of VR current in the multi-phase VR; and a digital controller coupled to the multi-phase VR. The controller: enables a known, high accuracy operating phase as loading calibrator for offset training; records a leakage current value as a reference current; enables a first unknown, low accuracy operating phase; determines, for the unknown operating phase, an offset value that provides a specified target current accuracy; updates an offset register for the unknown operating phase with the corresponding offset value; and disables the unknown operating phase.