A cycle modulation circuit for limiting voltage peak value of a power supply employed an active clamp. The power supply receives an input power which is modulated through a power driving unit to become a driving power transformed through a transformer to be output. The cycle modulation circuit includes a comparison unit and a linear voltage generation unit. The comparison unit receives the input power to generate a level signal which is used as a base value to compare level with an oscillation signal generated by the linear voltage generation unit, thereby to modulate and output a pulse width limit signal with a composite cycle consisting of a high level and a low level. The pulse width limit signal is input to the power driving unit to limit the peak value of the driving power modulated by the power driving unit.