The disclosure provides a voltage regulator with a soft-start effect. The voltage regulator includes an amplifier, a first voltage setting circuit, a voltage selector and a power transistor. The amplifier has two input terminals to receive respectively a reference voltage and a feedback voltage. The amplifier has a current source to provide a current to an output terminal. In a voltage bypass mode, the first voltage setting circuit increases a driving voltage on the output terminal according to the current based on a selection voltage. In the voltage bypass mode, the voltage selector sequentially reduces the selection voltage respectively in multiple time intervals in a startup time interval. The power transistor receives the driving voltage, and generates an output voltage according to the driving voltage based on an operating power supply.