The present invention discloses a bi-directional switching regulator and a control circuit thereof. The bi-directional switching regulator includes a power stage, an operation circuit controlling the power stage, and a power path management circuit. The power path management circuit includes a power path switch electrically connected between the output terminal and the battery, and a power path controller controlling the power path switch. The operation circuit generates the operation signal according to the output voltage or a battery voltage of the battery, and the charging current, so that: (1) a voltage difference between the output voltage and the battery voltage is ICHG*R, wherein ICHG represents the charging current and R represents a conduction resistance when the power path switch is fully conductive; or (2) the output voltage is determined by a higher one of a predetermined voltage level and the sum of ICHG*R plus the battery voltage.