A wave spring holding structure includes a wave spring that includes crest portions and recessed portions that are alternately formed in a circumferential direction thereof, and a first gap; a circular member provided to be rotatable around an axis; and an arc-shaped snap ring that includes a second gap, and that restricts movement of the circular member in a direction of the axis. The wave spring and the snap ring share the axis with the circular member. The wave spring and the snap ring are rotatable with respect to each other. The wave spring is disposed and held between the circular member and the snap ring so that the crest portions protrude toward the circular member, and the recessed portions protrude toward the snap ring. The first gap is formed in one of the crest portions.