A voltage regulator includes a control circuit, a switch circuit, a first over-current protection circuit, and a second over-current protection circuit. The control circuit generates a pulse-width modulation (PWM) signal having a duty cycle proportional to an output voltage of the voltage regulator. The first over-current protection circuit blocks the PWM signal when an over-current condition exists during an off time of the PWM signal until a low-side switch current-sense level in the switch circuit drops below a set current limit level, while the second over-current protection circuit turns off the PWM signal when an over-current condition occurs during an on time of the PWM signal when a ramp adjusted voltage level added to the low-side switch current-sense level exceeds a summed level of the set current limit level and a set threshold.