A voltage regulating circuit has a first switch, a transformer and a second switch. The first switch has an input node, a first node and a second node. The transformer is connected to the switches has a first coil and a second coil. The first coil and the second coil respectively have an end, and the second coil is connected to the first coil in series at a node. The node between the first and second coils is connected to the second node of the first switch. The second switch is connected to the transformer and has a first node, a second node and an output node. The first node is connected to the end of the first coil. The second node is connected to the first node of the first switch. The transformer will not heat up when the transformer needs not to be used.