A voltage regulator module includes a circuit board assembly and a magnetic core assembly. The circuit board assembly includes a printed circuit board and at least one switch element. A first concave structure is concavely formed on a second surface of the printed circuit board. At least one protrusion post is disposed within the first concave structure. A pin as a positive output terminal, a pin as a positive input terminal and a pin as a negative output terminal are disposed on the second surface of the printed circuit board. The switch element is disposed on a first surface of the printed circuit board. The magnetic core assembly is accommodated within the first concave structure, and includes at least one opening. The protrusion post is penetrated through the corresponding opening. Consequently, at least one inductor is defined by the at least one protrusion post and the magnetic core assembly collaboratively.