An internal voltage generating circuit includes a divided voltage generator configured to generate a divided voltage by dividing a feedback internal voltage level at a division ratio corresponding to an operation mode control signal, a voltage detector configured to detect a level of the divided voltage based on a reference voltage level, an internal voltage generator configured to receive a supply voltage as power source and generate the internal voltage in response to an output signal of the voltage detector, and an under-driving unit configured to under-drive an internal voltage terminal to a supply voltage in an under-driving operation region that is determined in response to the operation mode control signal.