To provide a power supply apparatus which realizes a high-speed response, a stable operation, and a low output ripple with low power consumption. The first stage switching regulator receives an input voltage and forms a first voltage. The second stage switching regulator receives the first voltage and forms a second voltage. The second stage switching regulator includes an N-phase (N is two or more) switching regulator, and the first voltage is set to be N times a target value of the second voltage. The input voltage is set to be higher than the first voltage.