SummaryVoltage references are typically designed by combining a complimentary to absolute temperature (CTAT) and proportional to absolute temperature (PTAT) voltage references. However, in contrast to conventional voltage references, the proposed circuit generates a voltage reference by subtracting two PTAT voltages, resulting in an extremely low process‐dependent voltage reference. A novel subtractor is also proposed for subtracting PTAT voltages, which is used to generate the reference voltage. The temperature coefficient of the proposed voltage reference is further improved using a novel PTAT slope compensation technique. The proposed voltage reference is a MOS‐only ultra‐low power circuit that works with sub‐bandgap supply voltage. Simulation results using UMC 0.18 m technology MOSFETs show that the proposed circuit has a line sensitivity of 0.5%/V, a temperature coefficient of 21.37 ppm/° C, a power consumption of 15.6 nW, and an output voltage variation of only 0.22% due to process variations.