The present invention mainly relates to a current limiting circuit, also known as over-current protection circuit, and a power regulator using the same. The purpose for the circuit is to protect the power device and the loading circuit for the power regulator. The conventional current limiting circuit takes advantage of a resistor and a MOS to convert the detected over current into a voltage and then turn on a P-typed MOS to clamp the gate voltage of a power transistor so as to achieve the goal of current limiting. However, the process variation for the resistor and said MOS and their temperature variation lead to a significant error to the limiting current. The present invention, therefore, takes advantage of the current comparison to enhance the accuracy for the current limiting circuit.