A voltage generation module and a power supply management chip include a reference voltage generation circuit, a comparison circuit, a switch circuit and a voltage control circuit. The reference voltage generation circuit generates a first reference voltage and a second reference voltage. The comparison circuit applies a turn-on control signal or a turn-off control signal. In the case that the switch circuit controls the input terminal to be electrically disconnected from the voltage output terminal, the voltage control circuit controls an output voltage signal from the voltage output terminal in accordance with the first reference voltage.