A switching regulator includes a switching element, a first error amplification circuit amplifying a difference between a voltage based on an output voltage and a first reference voltage and providing a first error voltage, a clamp circuit generating a second error voltage at an output node based on the first error voltage and a second reference voltage, a PFM comparison circuit comparing the second error voltage and the second reference voltage to output a comparison result, an oscillation circuit providing and stopping a clock signal according to the comparison result, and a PWM conversion circuit turning on/off the switching element based on the second error voltage and the output of the oscillation circuit. The clamp circuit clamps a lower limit value of the second error voltage to a voltage obtained by subtracting a prescribed voltage from the second reference voltage.