To provide a step-down voltage output circuit which causes no latch-up phenomenon for the period between activation of a power supply and complete start of operation of a charge pump circuit. The step-down voltage output circuit of the present invention has the charge pump circuit with a first oscillator; a timer circuit in which a timer period is set according to an oscillating frequency of the above-mentioned first oscillator; and an N-channel MOS transistor in which one N-type diffusion layer is connected to an output terminal of the above-mentioned charge pump circuit, the other N-type diffusion layer is connected to ground potential, and a gate electrode is connected to an output terminal of the above-mentioned timer circuit to become conductive for the above-mentioned timer period.