A voltage regulator module is provided. The voltage regulator module includes a circuit board unit, at least one switch circuit, a magnetic core assembly and at least one first conductive member. The circuit board unit includes a top layer, a plurality of inner layers and a bottom layer. The at least one switch circuit is disposed on the top layer. The magnetic core assembly is disposed on at least one of the plurality of inner layers and embedded in the circuit board unit. The magnetic core assembly forms at least one magnetic loop. The at least one first conductive member is electrically connected with the at least one switch circuit for passing through a current of the at least one switch circuit. The current passes through the at least one magnetic loop to form an inductor.