A power regulating system and method are provided for regulating power in a portable computing device. The portable computing device includes microprocessing and radio communication capabilities. The power regulating system utilizes a number of power states to regulate the device's internal power source voltage. The power regulating system operates to selectively control and regulate the device's internal power consumption based on the power state of the device, and thereby extends the useful life of the device by prolonging the battery life of the device.