A linear series voltage regulator IC has an accurate voltage reference, a high gain error amplifier and a series pass power transistor. The high gain amplifier compares the output voltage with the reference voltage and adjusts the series pass transistor to correct any error.
The datasheet for a voltage regulator IC has its schematic.
Go to www.national.com and look for the datasheet on LM317. The datasheet has quite a few examples circuits to illustrate the flexibility of linear voltage regulators.