Disclosed is a digitally controlled multi-phase voltage regulator system providing regulated power to electronic components that have variable power requirements. Power is supplied by one or more power integrated circuits (IC) each having a high side power switch controlled by pulse width modulated signals and a low side power switch. The power IC senses voltage at the load and has an on-chip current mirror for generating a current that is a ratio of current delivered to the load. The power IC also has current limiting and on-chip temperature sensing components. The voltage and current information is digitized and provided to a control integrated circuit (IC). The control IC receives this digitized information as well as user provided parameters and, in the regulation mode of operation, provides digitized pulse width modulated control signals to the power IC. In an active transient response mode of operation, the control IC provides signals to turn either the high side switches or low side switches ON. Fault detection circuitry identifies over voltage, under voltage, and excessive temperatures. All communications between the control IC and the power IC are digital providing high bandwidth, optimal control frequency response, noise immunity and efficient active transient response.