Disclosed are a power consumption reduction circuit for Graphics Processing Units (GPUs) in a server and a server. The power consumption reduction circuit includes a frequency reduction control chip. The frequency reduction control chip, after receiving an overpower alarm signal generated by a Power Supply Unit (PSU), generates a frequency reduction control signal to a Power Break (PWRBRK) pin of each GPU so as to start a frequency reduction operation of each GPU. It can be seen that, in the present application, an underlying hardware circuit is directly used for implementation with relatively quick responses and without intervention of an operating system, whereby the whole frequency reduction operation of the GPU may be completed within 5 ms, and the PSU is prevented from triggering overpower protection within relatively short time. Therefore, loss of service data of a user caused by an exceptional power failure of the server is avoided.