In this letter, we propose a millimeter-wave low-phase-noise voltage-controlled oscillator (VCO). To enhance the phase noise performance of the VCO without frequency-tuning range (FTR) degradation, a novel negative transconductance ( $G_{m}$ ) optimization technique is proposed. This technique utilizes a gate–drain capacitive splitting inductor with a $G_{m}$ -optimized switching capacitor bank to improve the negative $G_{m}$ , phase noise, and FTR performances. Implemented in 65-nm CMOS, the proposed VCO achieves a low phase noise of −107.2 dBc/Hz at a 1-MHz offset, FTR of 28.11–31.46 GHz, and figure-of-merit of −187.6 dBc/Hz at 28.11 GHz with a power consumption of 7.2 mW.