diff --git a/drivers/regulator/Kconfig.max20335 b/drivers/regulator/Kconfig.max20335
index a9b739e1f2c9da..a92743afdb5367 100644
--- a/drivers/regulator/Kconfig.max20335
+++ b/drivers/regulator/Kconfig.max20335
@@ -10,9 +10,20 @@ config REGULATOR_MAX20335
 	help
 	  Enable the Maxim MAX20335 PMIC regulator driver
 
+if REGULATOR_MAX20335
+
+config REGULATOR_MAXIM_MAX20335_COMMON_INIT_PRIORITY
+	int "MAX20335 regulator driver init priority (common part)"
+	default 86
+	help
+	  Init priority for the Maxim MAX20335 regulator driver
+	  (common part). It must be greater than I2C and MFD init priority.
+
 config REGULATOR_MAXIM_MAX20335_INIT_PRIORITY
 	int "MAX20335 regulator driver init priority"
-	default 86
-	depends on REGULATOR_MAX20335
+	default 87
 	help
-	  Init priority for the Maxim MAX20335 regulator driver.
+	  Init priority for the Maxim MAX20335 regulator driver. It must be
+	  greater than REGULATOR_MAXIM_MAX20335_COMMON_INIT_PRIORITY
+
+endif
diff --git a/drivers/regulator/regulator_max20335.c b/drivers/regulator/regulator_max20335.c
index b94c0e0bb98da6..328e5179156ea4 100644
--- a/drivers/regulator/regulator_max20335.c
+++ b/drivers/regulator/regulator_max20335.c
@@ -16,6 +16,7 @@
 #define MAX20335_BUCK2_CFG        0x0FU
 #define MAX20335_BUCK2_VSET       0x10U
 #define MAX20335_BUCK12_CSET      0x11U
+#define MAX20335_PWR_CMD	  0x1FU
 #define MAX20335_BUCK1_CSET_MASK  0xF0U
 #define MAX20335_BUCK2_CSET_MASK  0x0FU
 #define MAX20335_BUCK2_CSET_SHIFT 4
@@ -32,6 +33,8 @@
 #define MAX20335_LDO_EN           BIT(1)
 #define MAX20335_LDO_EN_MASK      GENMASK(2, 1)
 
+#define MAX20335_OFF_MODE	  0xB2U
+
 enum max20335_pmic_sources {
 	MAX20335_PMIC_SOURCE_BUCK1,
 	MAX20335_PMIC_SOURCE_BUCK2,
@@ -49,6 +52,10 @@ struct regulator_max20335_desc {
 	const struct linear_range *ua_range;
 };
 
+struct regulator_max20335_common_config {
+	struct i2c_dt_spec bus;
+};
+
 struct regulator_max20335_config {
 	struct regulator_common_config common;
 	struct i2c_dt_spec bus;
@@ -283,6 +290,13 @@ static int regulator_max20335_set_current_limit(const struct device *dev,
 	return i2c_reg_write_byte_dt(&config->bus, MAX20335_BUCK12_CSET, val);
 }
 
+static int regulator_max20335_power_off(const struct device *dev)
+{
+	const struct regulator_max20335_common_config *common_config = dev->config;
+
+	return i2c_reg_write_byte_dt(&common_config->bus, MAX20335_PWR_CMD, MAX20335_OFF_MODE);
+}
+
 static int regulator_max20335_init(const struct device *dev)
 {
 	const struct regulator_max20335_config *config = dev->config;
@@ -296,6 +310,21 @@ static int regulator_max20335_init(const struct device *dev)
 	return regulator_common_init(dev, false);
 }
 
+static int regulator_max20335_common_init(const struct device *dev)
+{
+	const struct regulator_max20335_common_config *common_config = dev->config;
+
+	if (!i2c_is_ready_dt(&common_config->bus)) {
+		return -ENODEV;
+	}
+
+	return 0;
+}
+
+static const struct regulator_parent_driver_api parent_api = {
+	.ship_mode = regulator_max20335_power_off,
+};
+
 static const struct regulator_driver_api api = {
 	.enable = regulator_max20335_enable,
 	.disable = regulator_max20335_disable,
@@ -332,10 +361,19 @@ static const struct regulator_driver_api api = {
 		    ())
 
 #define REGULATOR_MAX20335_DEFINE_ALL(inst)							\
+	static const struct regulator_max20335_common_config common_config_##inst = {		\
+		.bus = I2C_DT_SPEC_GET(DT_INST_PARENT(inst)),					\
+	};											\
+												\
+	DEVICE_DT_INST_DEFINE(inst, regulator_max20335_common_init,				\
+			      NULL, NULL, &common_config_##inst, POST_KERNEL,			\
+			      CONFIG_REGULATOR_MAXIM_MAX20335_COMMON_INIT_PRIORITY,		\
+			      &parent_api);							\
+												\
 	REGULATOR_MAX20335_DEFINE_COND(inst, buck1, MAX20335_PMIC_SOURCE_BUCK1)			\
 	REGULATOR_MAX20335_DEFINE_COND(inst, buck2, MAX20335_PMIC_SOURCE_BUCK2)			\
 	REGULATOR_MAX20335_DEFINE_COND(inst, ldo1, MAX20335_PMIC_SOURCE_LDO1)			\
 	REGULATOR_MAX20335_DEFINE_COND(inst, ldo2, MAX20335_PMIC_SOURCE_LDO2)			\
 	REGULATOR_MAX20335_DEFINE_COND(inst, ldo3, MAX20335_PMIC_SOURCE_LDO3)
 
-DT_INST_FOREACH_STATUS_OKAY(REGULATOR_MAX20335_DEFINE_ALL);
+DT_INST_FOREACH_STATUS_OKAY(REGULATOR_MAX20335_DEFINE_ALL)