Oil grooves of a shutter and oil holes of a stepped rod constitute first orifices as variable orifices whose opening areas are variable according to the rotational position of the shutter. The oil grooves of the shutter and oil holes of the stepped rod constitute third orifices as variable orifices. Cut portions of inner disk valves constitute second orifices. The opening areas of the variable orifices are changed by rotating the shutter, thereby controlling damping force characteristics in a low piston speed region and the relief pressures of pressure control valves independently of each other, and thus increasing the degree of freedom for adjusting the damping force characteristics.