Disclosed is a power supply that automatically switches between a voltage regulation mode and an over current protection mode, as needed. The power supply includes a voltage regulator that generates a first control voltage for applying to the control terminal of a pass transistor during a voltage regulation mode to maintain an output voltage at a desired voltage level. The power supply includes a current limiter that generates a second control voltage for applying to the control terminal of the pass transistor during an over current protection mode to prevent an output current from rising above a maximum output current limit. The power supply includes additional circuitry that detects when over current protection is required and automatically switches the control voltage applied to the control terminal from the first control voltage to the second control voltage or vice versa, as necessary. Also disclosed is an associated power supply method.