A PWM/PFM control circuit has a differential time generating means for forming a differential time signal representing a differential time corresponding to a difference between the pulse width of a PWM control signal and the pulse width of a PFM control signal on condition that the pulse width of the PWM control signal is smaller than the pulse width of the PFM control signal, and the oscillation frequency of a reference signal serving as a reference for forming the PWM control signal is controlled based on the differential time signal to a low value in accordance with the differential time.