A multi-phase voltage regulator module connects to a central processing unit and is able to operate in one of a high-load mode and a low-load mode. The multi-phase voltage regulator module comprises: a pulse-width-modulation controller generating a plurality of phase-width-modulation signals; and, a plurality of phase circuits, each of which receives a corresponding one of the phase-width-modulation signals and generates a corresponding output current to the central processing unit; wherein a first portion of the phase circuits are activated when the multi-phase voltage regulator module is operated in the low-load mode at a first time, and, a second portion of the phase circuits are activated when the multi-phase voltage regulator module is operated in the low-load mode at a second time, the first portion being non-identical to the second portion.