A voltage generating circuit capable of generating a stable output voltage irrespective of a variation in external voltage. The voltage generating circuit includes a voltage comparing circuit that operates in response to an activation signal and outputs output voltage to a control node in response to a difference between a reference voltage and an internal voltage; an internal voltage control circuit that is connected to the control node, and receives the external voltage and controls the level of the internal voltage, which is applied to a load, in response to a voltage value of the control node, and an adjusting means for adjusting an amount of driving current flowing through the internal voltage control circuit by controlling the voltage level at the control node. The adjusting means may include any combination of a clamp circuit, a voltage compensating circuit, and a voltage drop circuit.