Provided is a voltage regulator including a phase compensation circuit capable of obtaining an accurate output voltage. The phase compensation circuit includes: a first constant current circuit connected to a gate of an output transistor; a first transistor having a drain connected to the gate of the output transistor; and a second transistor having a drain connected to a gate of the first transistor, a second constant current circuit, and a resistor and having a gate connected to the resistor and any one terminal of a first capacitor, the first capacitor having the other terminal connected to an output terminal of the voltage regulator. This configuration prevents a current from flowing from an output terminal of the differential amplifier circuit to the drain of the first transistor, to thereby reduce an offset voltage to be generated in input transistors of the differential amplifier circuit, thus obtaining an accurate output voltage.