A voltage controlled oscillator with anti supply voltage variation and/or process variation includes an oscillation circuit for outputting an oscillatory signal; a current source coupled to the oscillation circuit for providing an input current to the oscillation circuit; and a variation compensation circuit for compensating the variations generated by the supply voltage and process. The variation compensation circuit includes a peak detector for generating a peak voltage proportional to the amplitude of the oscillatory signal; a compensating voltage generator for generating a reference voltage according to the process variation so that the oscillation circuit achieves the same working conditions under the process variation; and a comparator for comparing the peak voltage and the reference voltage to generate a control voltage. When the variation compensation circuit includes an amplifier, the supply voltage can be compensated.