According to one embodiment, a power supply circuit includes a switching element to which a drive signal is supplied, a control value generating circuit that compares an output voltage and a reference voltage to generate a control value, and a comparison circuit that compares a feedback current and the control value. The power supply circuit has a generating circuit that generates a clock signal having a constant period in a PWM control mode and a clock signal according to the output voltage in a PFM control mode. The control value of the control value generating circuit is changed so that averages of the feedback current before and after the control mode switching become equal.