A multi-channel regulator system includes serially connected PWM integrated circuits, each of which determines a PWM signal for a respective channel to operate therewith, and individually controls its operation mode according to whether or not an external clock is detected. Therefore, each channel will not be limited to operate under a constant mode and could become a master channel or a slave channel. Additionally, each of the PWM integrated circuits generates a phase shifted synchronous clock for its next channel during it is enabled, and thus all the channels operate in a synchronous but phase interleaving manner.