An in-vehicle power supply system includes a DC power source, a steering power converter, a steering drive control unit, a plurality of voltage-reducing devices, and a voltage-reducing control unit. The steering power converter converts electric power supplied from the DC power source, and provides the electric power converted to a steering assist motor. The steering drive control unit is supplied with electric power from the DC power source, and controls the steering power converter. The voltage-reducing devices are coupled in parallel to each other between the DC power source and the steering power converter. Each of the voltage-reducing devices reduces a power source voltage of the DC power source and generates a reduced voltage when being operated. The voltage-reducing control unit determines operation state or non-operation state of each of the voltage-reducing devices such that at least one of the voltage-reducing devices is in operation at a time.