An internal voltage adjusting circuit of a semiconductor memory device processes a period from activation to deactivation of a reset bar signal by dividing the period into a first period to a third period. In the first period, a peripheral circuit voltage is stabilized to a lowest value to suppress power consumption. In the second period in which a power source voltage is stabilized, the peripheral circuit voltage is set to a highest value to read out optimum internal voltage values from a fuse circuit in a stable manner. In the third period after reading out the optimum internal voltage values, the peripheral circuit voltage is returned to the lowest value to suppress the power consumption. When the reset bar signal is deactivated, the peripheral circuit voltage is set based on the optimum internal voltage values read out from the fuse circuit.