An internal voltage compensation circuit is provided which includes a power up signal generator configured to generate a power up signal, a select signal generator configured to compare a level of a first external voltage with a level of a second external voltage to generate first and second select signals, wherein the second select signal is generated in response to the power up signal, and a voltage compensation unit configured to electrically connect an internal voltage to the first external voltage or the second external voltage in response to the first and second select signals.