Triboelectric nanogenerator (TENG) is a promising technology for harvesting energy from various sources, such as human motion, wind and vibration. At the same time, a matching backend management circuit is essential to improve the energy utilization efficiency of TENG. Therefore, this work proposes a power regulation circuit (PRC) suitable for TENG, which is composed of a valley-filling circuit and a switching step-down circuit. The experimental results indicate that after incorporating a PRC, the conduction time of each cycle of the rectifier circuit doubles, increasing the number of current pulses in the TENG output and resulting in an output charge that is 1.6 fold that of the original circuit. Compared with the initial output signal, the charging rate of the output capacitor increased significantly by 75% with a PRC at a rotational speed of 120 rpm, significantly improving the utilization efficiency of the TENG’s output energy. At the same time, when the TENG powers LEDs, the flickering frequency of LEDs is reduced after adding a PRC, and the light emission is more stable, which further verifies the test results. The PRC proposed in this study can enable the energy harvested by the TENG to be utilized more efficiently, which has a certain promoting effect on the development and application of TENG technology.