The target regulation voltage setting apparatus for a vehicle on which a vehicle alternator is mounted includes a first function of calculating a large first-order delay and a small first-order delay of a rotational speed of the vehicle alternator at regular time intervals, a second function of making a judgment on a running state of the vehicle by determining whether or not the vehicle is in one of an accelerating state and a decelerating state on the basis of a variation of the large first-order delay supplied from the first function, and determining whether or not the vehicle is in a normal state on the basis of a variation of the small first-order delay supplied from the first function, and a third function of determining a target regulation voltage of the vehicle alternator in accordance with a judgment result of the second function.