A gamma reference voltage generating circuit minimizes voltage fluctuation to output a stable reference voltage and a flat panel display has such a gamma reference voltage generating circuit. The gamma reference voltage generating circuit comprises a resistor array including a plurality of resistors that are connected in series between two supply voltages with different voltage levels. The resistor array divides a voltage between the two supply voltages through the plurality of resistors and outputs the divided voltages. The gamma reference voltage generating circuit further comprises a plurality of first capacitors that are connected between common nodes that are respectively disposed between pairs of adjacent resistors, and one of the two supply voltages. In addition, a plurality of second capacitors are respectively connected in parallel to the respective resistors to stabilize the gamma reference voltages.