A method and apparatus for generating a low reference voltage having low power consumption characteristics is provided. A reference voltage generating apparatus includes a constant current source circuit which generates a reference current. A load circuit is connected to the constant current source circuit and generates a voltage which is proportional to the reference current. A current branch circuit removes a portion of temperature-invariant current components included in the reference current from a connection terminal of the constant current source circuit and the load circuit to a ground terminal through a current branch which is different from a current branch of the load circuit.