Disclosed is a voltage generating circuit which steps down a voltage to output a stepped down voltage. The voltage generating circuit includes first and second transistors. The drains of the first and second transistors are connected to a higher voltage power supply. The gate of the first transistor is connected to the gate of the second transistor. The voltage of the gate of the first transistor is controlled by a control circuit such that a voltage of the source of the first transistor can reach a predetermined voltage. A stepped down voltage is outputted from the source of the second transistor.