An initial voltage generation circuit includes a reference voltage generator, a reference voltage selector, at least one initial voltage level regulator, and a plurality of stabilization capacitors. The reference voltage generator generates a plurality of reference voltage candidate groups. The reference voltage selector includes a plurality of selection switch groups and a plurality of switch control circuits. Each selection switch group includes a plurality of parallel switches. Each switch control circuit corresponds to a selection switch group for generating a switch signal to control the selection switch group to output a reference voltage candidate of a corresponding reference voltage candidate group. Each initial voltage level regulator generates an inner reference voltage according to a power-up signal, and a stabilization capacitor corresponding to the initial voltage level regulator is used for stabilizing the inner reference voltage.