A voltage regulator has an output transistor connected between a power supply and an output terminal, and a voltage amplifying circuit that compares a feedback voltage with a reference voltage to control the output transistor. A transient response improving circuit has a detecting portion that detects fluctuations in the power supply voltage and controls the operating current of the voltage amplifying circuit based on the detected fluctuation level of the power supply voltage thereby improving the responsiveness and reducing power consumption of the voltage regulator.