diff --git a/drivers/net/mdio/Kconfig b/drivers/net/mdio/Kconfig
index bfa16826a6e1..3f8098fac74b 100644
--- a/drivers/net/mdio/Kconfig
+++ b/drivers/net/mdio/Kconfig
@@ -22,6 +22,7 @@ config MDIO_BUS
 config FWNODE_MDIO
 	def_tristate PHYLIB
 	depends on (ACPI || OF) || COMPILE_TEST
+	depends on REGULATOR
 	select FIXED_PHY
 	help
 	  FWNODE MDIO bus (Ethernet PHY) accessors
diff --git a/drivers/net/mdio/fwnode_mdio.c b/drivers/net/mdio/fwnode_mdio.c
index 1c1584fca632..7f0d3bc81c52 100644
--- a/drivers/net/mdio/fwnode_mdio.c
+++ b/drivers/net/mdio/fwnode_mdio.c
@@ -10,6 +10,7 @@
 #include <linux/fwnode_mdio.h>
 #include <linux/of.h>
 #include <linux/phy.h>
+#include <linux/regulator/consumer.h>
 
 MODULE_AUTHOR("Calvin Johnson <calvin.johnson@oss.nxp.com>");
 MODULE_LICENSE("GPL");
@@ -94,7 +95,10 @@ int fwnode_mdiobus_register_phy(struct mii_bus *bus,
 	struct phy_device *phy;
 	bool is_c45 = false;
 	u32 phy_id;
-	int rc;
+	int rc, reg_cnt = 0;
+	struct regulator_bulk_data *consumers;
+	struct device_node *nchild = NULL;
+	u32 reg;
 
 	mii_ts = fwnode_find_mii_timestamper(child);
 	if (IS_ERR(mii_ts))
@@ -105,15 +109,35 @@ int fwnode_mdiobus_register_phy(struct mii_bus *bus,
 	if (rc >= 0)
 		is_c45 = true;
 
+	for_each_child_of_node(bus->dev.of_node, nchild) {
+		of_property_read_u32(nchild, "reg", &reg);
+		if (reg != addr)
+			continue;
+		reg_cnt = regulator_bulk_get_all(&bus->dev, nchild, &consumers);
+		if (reg_cnt > 0) {
+			rc = regulator_bulk_enable(reg_cnt, consumers);
+			if (rc)
+				return rc;
+		}
+		if (reg_cnt < 0) {
+			dev_err(&bus->dev, "Fail to regulator_bulk_get_all err=%d\n", reg_cnt);
+			return reg_cnt;
+		}
+	}
+
 	if (is_c45 || fwnode_get_phy_id(child, &phy_id))
 		phy = get_phy_device(bus, addr, is_c45);
 	else
 		phy = phy_device_create(bus, addr, phy_id, 0, NULL);
 	if (IS_ERR(phy)) {
 		unregister_mii_timestamper(mii_ts);
-		return PTR_ERR(phy);
+		rc = PTR_ERR(phy);
+		goto error;
 	}
 
+	phy->regulator_cnt = reg_cnt;
+	phy->consumers = consumers;
+
 	if (is_acpi_node(child)) {
 		phy->irq = bus->irq[addr];
 
@@ -127,14 +151,14 @@ int fwnode_mdiobus_register_phy(struct mii_bus *bus,
 		if (rc) {
 			phy_device_free(phy);
 			fwnode_handle_put(phy->mdio.dev.fwnode);
-			return rc;
+			goto error;
 		}
 	} else if (is_of_node(child)) {
 		rc = fwnode_mdiobus_phy_device_register(bus, phy, child, addr);
 		if (rc) {
 			unregister_mii_timestamper(mii_ts);
 			phy_device_free(phy);
-			return rc;
+			goto error;
 		}
 	}
 
@@ -145,5 +169,9 @@ int fwnode_mdiobus_register_phy(struct mii_bus *bus,
 	if (mii_ts)
 		phy->mii_ts = mii_ts;
 	return 0;
+error:
+	if (reg_cnt > 0)
+		regulator_bulk_disable(reg_cnt, consumers);
+	return rc;
 }
 EXPORT_SYMBOL(fwnode_mdiobus_register_phy);
diff --git a/drivers/net/phy/phy_device.c b/drivers/net/phy/phy_device.c
index 431a8719c635..711919e40ef7 100644
--- a/drivers/net/phy/phy_device.c
+++ b/drivers/net/phy/phy_device.c
@@ -27,6 +27,7 @@
 #include <linux/phy.h>
 #include <linux/phy_led_triggers.h>
 #include <linux/property.h>
+#include <linux/regulator/consumer.h>
 #include <linux/sfp.h>
 #include <linux/skbuff.h>
 #include <linux/slab.h>
@@ -1785,6 +1786,9 @@ int phy_suspend(struct phy_device *phydev)
 	if (!ret)
 		phydev->suspended = true;
 
+	if (phydev->regulator_cnt > 0)
+		regulator_bulk_disable(phydev->regulator_cnt, phydev->consumers);
+
 	return ret;
 }
 EXPORT_SYMBOL(phy_suspend);
@@ -1811,6 +1815,12 @@ int phy_resume(struct phy_device *phydev)
 {
 	int ret;
 
+	if (phydev->regulator_cnt > 0) {
+		ret = regulator_bulk_enable(phydev->regulator_cnt, phydev->consumers);
+		if (ret)
+			return ret;
+	}
+
 	mutex_lock(&phydev->lock);
 	ret = __phy_resume(phydev);
 	mutex_unlock(&phydev->lock);
diff --git a/include/linux/phy.h b/include/linux/phy.h
index 508f1149665b..ef4e0ce67194 100644
--- a/include/linux/phy.h
+++ b/include/linux/phy.h
@@ -704,6 +704,9 @@ struct phy_device {
 	void (*phy_link_change)(struct phy_device *phydev, bool up);
 	void (*adjust_link)(struct net_device *dev);
 
+	int regulator_cnt;
+	struct regulator_bulk_data *consumers;
+
 #if IS_ENABLED(CONFIG_MACSEC)
 	/* MACsec management functions */
 	const struct macsec_ops *macsec_ops;
