A voltage controlled ring oscillator having a reduced voltage controlled oscillator (VCO) gain by controlling only the fall time of the period of the VCO using integrated circuits and logic circuits. The VCO includes a mixer/inverter circuit, a logic circuit, a delay/inverter circuit, a first delay circuit, a second delay circuit, and a third delay circuit. The VCO gain is reduced by controlling only one pulse width of the logic level High and one pulse width of the logic level Low of the oscillating period. Furthermore, the VCO can be logically controlled by using a simple logic circuit as a component of the VCO.