A damping valve (10) resists a flow of fluid from a first fluid chamber (41) to a second fluid chamber (42) which are separated by a piston (1). A partitioning member (24, 27-29, 52) partitions an inflow space (A, B) of a passage (2) in the first fluid chamber (41). A spool (17, 31, 51) decreases a flow cross-sectional area of a flow path from the first fluid chamber (41) into the inflow space (A, B) according to a differential pressure between the fluid chambers. By ensuring a gap between the outer circumference of the valve disk (1) and the partitioning member (24, 27-29, 52) which permanently allows fluid to flow from the first chamber (41) into the inflow space (A, B), the damping force characteristic in a high speed region of piston displacement can be set independently of the damping force characteristic in other regions.