Provided is a voltage generation circuit for improving the characteristics of a high-side switching element by applying an appropriate control power supply voltage to the high-side drive circuit. The voltage generation circuit includes a bootstrap circuit and a step-down circuit. The bootstrap circuit includes a diode and a current limiting resistor. The step-down circuit is connected to a high potential side of the high-side switching element and an input side of the bootstrap circuit. The step-down circuit outputs a compensated power supply voltage generated by stepping down a power supply voltage applied to the high potential side of the high-side switching element to the bootstrap circuit. The step-down circuit generates the compensated power supply voltage obtained by adding a compensation voltage corresponding to a voltage drop due to the diode and the current limiting resistor to a control power supply voltage for a low-side drive circuit.