In all electronic products, the voltage supply circuit is an essential component for providing a stable supply voltage into the application device. The present invention provides a multi-level voltage supply circuit for solving some problems existing in the application device, in which the multi-level voltage supply circuit includes a first voltage drop component, a second voltage drop component, and a control module. When the first voltage drop component is controlled by the control module in the conducting state, the output voltage is substantially equal to the input voltage minus the first voltage drop. When the first voltage drop component is controlled by the control module in the non-conducting state, the output voltage is substantially equal to the input voltage minus the second voltage drop.