A power supply module having two output voltages includes an inductor module and a main board. The inductor module includes a first magnetic core, a second magnetic core, an intermediate magnetic core disposed therebetween, a first winding and a second winding. The first winding is disposed on one of a magnetic column of the first magnetic core and a magnetic column of the intermediate magnetic core to form a first inductor. The second winding is disposed on one of a magnetic column of the second magnetic core and a magnetic column of the intermediate magnetic core to form a second inductor. There is no air gap at a portion of the intermediate magnetic core where magnetic paths of the first and second inductors pass through together. The inductor module is disposed on the main board. The first winding and the second winding are electrically connected with the main board.