A voltage controlled oscillator (VCO) with improved frequency characteristics is provided. The VCO includes a converting circuit supplied between a bias voltage and a ground voltage for converting the control voltage into a control current, a replica bias circuit coupled to the converting circuit for providing a swing voltage, and a ring oscillating circuit coupled to the replica bias circuit having at least two delay units coupled in series for successively delaying an input signal as the oscillating signal after a period of delay time.