The present disclosure discloses an inductor structure mounted on a PCB board and a voltage regulator module having the same. The inductor structure includes inductor cores and inductor windings. The PCB board is provided with at least one hollow part, and the hollow part comprises a plurality of through holes spaced apart. The legs of the inductor cores are correspondingly inserted into the through holes at the corresponding positions of the hollow part, wherein any two adjacent through holes of the plurality of through holes have a spacer therebetween for use as the inductor winding of the inductor structure, and the thickness of the spacer is less than the thickness of the PCB board.